The top concern of every Fayetteville small business owner is the health and safety of their families and employees.  Local information and breaking news regarding the Coronavirus is available by clicking here.

Of course, a secondary concern is tending to the health of their business amid an overabundance of social and financial disruptions. 

There is one prescription that helped many Fayetteville area businesses survive the Great Depression of 1929, the economic crash of 2009, and every recession in between.  The Rx for keeping a business healthy during chaotic times is to continue advertising.

The best example of how advertising can fend off tough times was shared by The New Yorker magazine financial columnist James Surowiecki.

Fayetteville retailers spend a considerable amount of time and money marketing their small businesses on social media.  Is this effort paying off?

Each month, according to Nielsen, 219,000 Fayetteville adults use Facebook, Instagram, or Twitter. This equates to 62.9% of consumers.  This reach is rather anemic compared to local radio and TV, which attracts considerably more users in a single week than these social media platforms do over 30 days.

Among local millennials, the monthly reach of Facebook, Instagram, and Twitter is eclipsed by the weekly reach of Fayetteville radio.

The number of consumers reached by an advertising campaign, according to Nielsen, is the media consideration that has the most significant effect on increasing sales. 

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.”