Fayetteville consumers are expected to buy $8.1 billion worth of local goods and services over the next 12 months. To claim the largest share of those dollars requires small business owners to advertise.
“Think you have a great product?” asks the Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.” The SBA goes on to say, “Advertising, if done correctly, can do wonders for your product sales, and you know what that means: more revenue and more success for your business."
According to the eBook Seven Steps for Success, "There are many ways for small business owners to advertise. Options include local newspapers, local magazines, local television, and online."
"But to achieve the “3-Rs” of advertising success, Reach, Recall, and Return, no other medium delivers results as effectively and efficiently as advertising on Fayetteville radio."
For budget-conscious small business owners, there are three tactics that can be employed to make sure every advertising dollar spent on Fayetteville radio stations works as hard as possible.
1. Look Beyond Prime Time
Most Fayetteville radio stations limit the supply of commercials that are available during an hour of programming. This benefits radio listeners who prefer more entertainment. This also benefits advertisers who prefer fewer marketing messages that compete with theirs.
During certain times of day, the demand to purchase commercials is greater than the supply. This, then, drives up the cost of advertising during those times. The commercial time in most demand is prime time, which, for most stations is Monday through Friday between 6:00am and 7:00pm.
For a radio campaign to be successful, it is not imperative that all commercials run during prime time.
North Carolina business owners can reach 78.5% of radio's prime time audience by advertising during other times of day.
Fayetteville Radio Listeners who tune in Mon-Fri 6:00AM-7:00PM
The commercials on Fayetteville radio broadcast outside of prime time are the least expensive. For the budget conscious business owner, then, the value becomes clear: it is possible to reach a majority of the prime-time listeners at a lower cost.
2. Use Shorter Length Commercials
For many years, the standard length of a radio commercial has been 60-seconds. Many Fayetteville radio stations, though, offer ads of shorter length for less money. This includes durations of 30-seconds; 15-seconds; 10-seconds; and 5-seconds.
By taking advantage of the lower cost of shorter duration commercials, advertisers can purchase even more commercials. These additional commercials can elevate an advertising campaign's reach and frequency.
Shorter length commercials, are not necessarily, less powerful.
Reducing the length of a radio commercial by half does not equate to a commensurate reduction of effectiveness. Erwin Ephron, the architect of modern media planning, pointed out, “On a pro-rata basis, a :30 is worth half of a :60. On a communication basis, though, the difference is far smaller.”
A recent study by Forethought Research supports Mr. Ephron’s assertion. According to the study’s authors, when the effectiveness of shorter and longer length was compared, they found “non-significant differences in rational and emotional performance.” The conclusion drawn was that “consumers evaluate advertising communications by moments and that duration is not a factor in this process.”
3. Cash In On Co-op Dollars
There’s a deep pool of “free money” that Fayetteville business owners can be dip into for the singular purpose of advertising. These funds are called cooperative funds, or co-op for short.
Inc. Magazine defines co-op advertising as “the sharing of costs for locally placed advertising between a retailer and a manufacturer of the products they sell.” Often times, the manufacturer will cover 100% of the cost of advertising. In other words, free advertising.
Manufacturers love co-op because it extends the marketing of their products. Fayetteville small business owners love co-op funds because they contribute to the growth of their businesses through consistent advertising.
Local business owners should make sure to ask every company, vendor, or manufacturer they buy their goods if there are co-op plans available.
To claim co-op funds, small business owners must comply with each manufacturer’s guidelines. This might include, pre-approval of radio commercials; product exclusivity within the commercial; and a notarized affidavit of performance from the participating radio stations. A tiny bit of work for free advertising money.
According to BIA Advisory Services, more than 40% of all small business owners qualify for co-op funds. It is also reported that less than half of the $70-billion available is ever claimed by business owners.