There are 191,000 consumers in the Fayetteville area who own their own homes. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for Fayetteville homeowners to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Fayeteville', more than 2.6 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By any key metric, advertising on local radio is the best way to reach area homeowners.

Fayetteville consumers spent more than $8.5 billion with retailers last year. The National Retail Federation forecasts 4.1% more will be spent this year.

Who are the shoppers that will be spending all this money?

According to Nielsen, 37.3% of retail dollars are spent by Fayetteville area consumers over the age of 50. This may surprise many small business owners because older consumers comprise only 29% of the area's adult population.

These older consumers account for the largest share of spending in almost every retail category. This includes furniture, cars, pet supplies, fast food, and electronics.

To earn a share of these massive dollars spent by these older consumers requires Fayetteville small business owners to advertise.

Retailers in the Fayetteville area rang-up $8,527,802,000 in retail sales last year, according to Nielsen. But wait. It's about to get better.

The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $349 million for local small business owners.  

“The economy is growing at a more modest pace, but the underlying economic fundamentals remain in place and are positive,” stated NRF chief economist Jack Kleinhenz. “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.

To claim a fair share of this enlarged pool of spending will require Fayetteville small business owners to advertise.

“Think you have a great product?” asks the U.S. Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.”  

There is alarming news for small business owners who advertise on Fayetteville area television stations: broadcast TV viewers are disappearing at a rapid pace.

Nielsen reports that halfway through the first quarter of this year, the number of people using television has dropped 7.5%. This compares to -6.3% in the fourth quarter of 2019, and -7.0% a year ago,

"If the trend holds, it would represent the largest quarterly decline for TV viewership in our data set," explains UBS analyst John C. Hodulikadding. "Trends have worsened across most age demos with persons 25-34 now falling -17% vs. low double-digit declines throughout 2019. The persons 55+ demo continues to trend down -2%, similar to 2019 (the first year of declining ratings for the demo)."

Radio listenership, on the other hand, has remained quite stable, according to Nielsen. Since 1970, the medium has reached more than 9-in-10 consumers every week.

How quickly the millennials have grown up.

According to Nielsen, 71% of all Fayetteville area parents with children under the age of 18 are millennials.  

From the time their kids are born until they reach they are 17, these young parents will, spend, on average, $233,000 per child. This does not include the cost of college.

Currently, there are 114,779 children under the age of 18 living in the Fayetteville metro area. That means the local parenting economy is worth upwards of $26 billion. These dollars are being spent, among other things, on diapers, daycare, transportation, toys, education, electronics, clothing, and health care.

For local small business owners interested in competing for a substantial portion of this multi-billion dollar pool of parental cash, they must advertise to millennial moms and dads. By almost any measurement, advertising on Fayetteville radio is the best way to reach this audience.

March is the biggest single month for used car sales in Fayetteville. During these 31 days alone, local pre-owned vehicle dealers are expected to bring in $16 million in sales. This will represent 10% of their annual revenue.

By the end of May, these dealers owners will sell more than $45.6 million worth of pre-owned cars and trucks. This, undoubtedly, makes March-May 'used car season' in the Fayetteville area.

Although most Fayetteville used car dealers are small business owners, they do really big business. In all, over the next 12 months, more than 56,000 pre-owned vehicles will be driven off their lots.

To capture a larger share of the area's $164 million used car market requires pre-owned vehicle dealers to advertise. By any measure, the best way for these business owners to advertise is on Fayetteville radio.

As Valentine's Day sales begin to dwindle, that's when Fayetteville small business owners start thinking about Mom.

Mother's Day, which happens on the second Sunday of May, is second only to Christmas in terms of holiday spending. Last year, Fayetteville consumers spent more than $34-million celebrating the women in their lives. That number is expected to grow again in 2020.

To claim a significant share of this Mother's Day cash, local retailers and restaurants will need to advertise.  By almost every key metric, advertising on Fayetteville radio is the best choice.

Over 80,000 consumers in the Fayetteville area now own a smart speaker. Ownership of these devices, including Amazon Echo and Google Home, has grown five-fold since the beginning of 2017.

According to Adobe Analytics, significantly  more consumers are asking Siri and Alexa to play music than any other activity.

Many local small business owners depend on Fayetteville radio to advertise their goods and service. So, how does the use of smart speakers as an audio device affect their radio advertising's ability to reach local consumers? The answer is: none at all.

If you were one of the 288,946 consumers who tuned-in to a Fayetteville radio station last week, then chances are you heard at least one commercial from GEICO, Progressive, or Liberty Mutual. That's because insurance is big business in Fayetteville.

Each year, Fayetteville consumers spend $560-million to insure their homes and cars. That's almost $1500 for every area adult.

There is good news and bad news for the 724 local insurance agents who are competing to earn a substantial share of the home and auto premiums consumers are paying.

According to Nielsen, 27,000 policyholders in Fayetteville are planning to switch insurance providers during the next 12 months.

In 1939, WFNC became the first radio station to serve Fayetteville. Today, 288,946 adult consumers tune-in to local radio stations every week. This is significantly more than watch local TV or read newspapers. 

North Carolina small business owners, however, also want to know how local radio compares to streaming audio platforms like Pandora and Spotify, especially as it relates to advertising. The answer could surprise many of them.

Pandora was created to provide a personalized radio station catering to the musical preferences of each user.  The playlists were determined by a proprietary algorithm and then streamed directly to each listeners' computer. Over the next few years, the service became available on iPads and smartphones.

Low unemployment, a boom in housing starts, and confident consumers are propelling robust sales for Fayetteville furniture stores.

In 2019, local consumers in the Fayetteville area spent $173 million on furniture and home furnishing. This number is expected to grow.

Based on estimates developed by Furniture Today’s Strategic Insights team and Easy Analytic Software Inc. (EASI), the total furniture and bedding market is projected to expand by more than 22% by 2024.

If a Fayetteville small business owner who sells furniture, furnishings, or home decor would like to grab a larger share of this expanding market, then advertising is necessary.  By almost every key metric, advertising on local radio is a sound marketing investment.

Small business owners have been advertising on Fayetteville radio since the first station, WBT, went on the air in 1922.  By almost every metric, the medium remains the best way to successfully market goods and services to local consumers.

Before  Fayetteville businesses finalize their marketing plans for this year, here are five facts they should know about radio advertising.

Fayetteville consumers cannot get enough pizza.

In 2012, there were just 135 local pizza restaurants. Today, however, that number has grown to 146. In 2019, these establishments racked up $68,640,726 in total sales.

Fifty-nine percent of pizza sales in the Fayetteville area are rung-up by one of the top-50 chains like Domino's or Pizza Hut. The remaining 41% of revenue is controlled by independent, small business owners.

To compete for a larger share of the pizza pie in Fayetteville requires local restaurant owners to bring in new customers. A proven way to accomplish this is with advertising.

The US Small Business Administration recommends that every Fayetteville area small business advertise consistently.  

Consumers in Fayetteville spent a record $503-million on home improvements in 2019. This level of spending is projected to drop modestly next year, according to Harvard University’s Joint Center for Housing Studies.

“Declining home sales and home-building activity coupled with slower gains in permitting for improvement projects will put the brakes on remodeling growth,” says Chris Herbert, the center’s managing director.

“However, if falling mortgage interest rates continue to incentivize home sales, refinancing, and ultimately remodeling activity, the slowdown may soften some.”

If Fayetteville small businesses that sell home improvement products and services would like to continue to grow despite the softening market, then advertising will be required.

Fayetteville area small business owners need employees...desperately.

According to a report from the National Federation of Independent Business, 26% of small business owners say finding qualified workers is their number one problem. 

The report goes on to say that 88% of small business owners looking to hire new employees are finding there are no qualified candidates.

The historically low unemployment figures in Fayetteville appears to be the root cause of local hiring woes. The metro area's jobless rate stands at 4.8%. There are just not enough qualified workers to go around.

Most small business owners have exhausted the traditional methods of recruitment. These include online job board posts, newspaper ads, referral bonuses, and help wanted signs. All to no avail.

To successfully attract the qualified applicants they yearn for, local small business owners need to command the attention of 'passive' job seekers. The number one source for these candidates is Fayetteville radio.