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Fayetteville Small Business Update: Auto Parts Sales Accelerate

Sep 18, 2020 3:18:45 PM / by Larry Julius

There are more than 267,000 vehicles registered in the Fayetteville area. Many need new windshield wipers, shocks, struts, brakes, air filters, ignition coils, and the hundreds of other items that fill the shelves of local auto part dealers.

Despite the pandemic induced slowdown, business at auto parts stores has grown nearly 13% since February, according to the US Census Bureau.

This explosive growth in auto parts sales directly relates to the  average age of cars on Fayetteville's roads.

"Per the latest study from IHS Markit, the current combined average age of vehicles has hit a record of 11.9 years," Rimmi Singhi wrote this week on NASDAQ.com. "The aging vehicles are a boon to auto parts, replacement, and repair companies. In a bid to ensure long-term functioning of the aging vehicle population, customers are making investments to replace faulty vehicle parts and components."

Also contributing to the rapid aging of cars on the road is the current demand for used versus new vehicles. According to the Bureau of Economic Analysis, the personal consumption expenditures (PCE) for used cars is 25% higher in August than it was during the same month last year.

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Topics Retailer, retail, small business, small business owner, fayetteville small business owners, best way to advertise, radio advertising, used cars, used vehicles, retail sales, retail stores, small business marketing, retail traffic, retail store traffic, advertising on radio, small business advertising, used trucks, auto parts

What Is The Best Way To Reach Fayetteville's 350,000 Consumers?

Aug 17, 2020 1:19:18 PM / by Larry Julius

Despite all of the media options available for small business owners to market their goods and services, advertising on Fayetteville radio is still the best way to reach local consumers.

Adult consumers are spending 741 minutes per day consuming electronic media, according to a new study by Nielsen.  This is 7.8% more time than they spent last year and 11.2% more than in 2018.

The typical daily media diet consists of radio, live TV, time-shifted TV, DVD/Blue-ray devices, game consoles, internet-connected devices, as well as internet via computers, smartphone apps, and tablet apps.

According to Nielsen, despite all of these media options, local radio reaches the most consumers every week.

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Topics Retailer, reach, roi, return on investment, retail, small business, radio effectiveness, small business owner, fayetteville small business owners, best way to advertise, effective radio commercial, radio commercials, effective radio advertising, radio advertising, effective advertising, reach & frequency, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic, advertising reach

What Fayetteville Consumers Need To Know Now About Your Small Business

Aug 12, 2020 9:33:50 AM / by Larry Julius

There is good news for Fayetteville retailers and restaurants.

As a result of the pandemic, one-third of consumers indicate they will pay a premium for local brands and products, according to a recent study by Ernst & Young

However, before consumers will buy from a local business in Raeford, Lumberton, Spring Lake, or any town in-between, they must know they can do so without risking their health.

Advertising is the only practical way to let Fayetteville area shoppers and diners know about the precautions and practices your small business has taken to reduce potential health threats.

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Topics Retailer, retail, small business, radio effectiveness, small business owner, fayetteville small business owners, best way to advertise, effective radio commercial, effective radio advertising, restaurant advertising, effective advertising, restaurant marketing, retail sales, retail stores, restaurants, small business marketing, retail traffic, retail store traffic, small business advertising

Fayetteville Retailers Prepare For $46 Million Back-To-School Season

Jul 23, 2020 9:51:29 AM / by Larry Julius

Based on projections from the National Retail Federation, Fayetteville area parents are expected to spend $46 million to equip K-12 kids for the upcoming school year. If so, then this shopping spree will be 29% bigger than last year's and the biggest take since 2012.

“By any measure, this is an unprecedented year with great uncertainty, including how students will get their education this fall whether they are in kindergarten or college,” NRF President and CEO Matthew Shay says.

“Most parents don’t know whether their children will be sitting in a classroom or in front of a computer in the dining room, or a combination of the two. But they do know the value of an education and are navigating uncertainty and unknowns so that students are prepared."

Along with pencils, paper, pens, and knapsacks, the NRF survey says 63 percent of K-12 families expect to buy computers and other electronics this year, up from 54% last year, and they expect to spend more at an average $274.44, up from $203.44 last year. The $71 difference accounts for the largest share of the overall increase in average spending of almost $93.

Also, because many parents are unsure if learning will take place at school or at home, back-to-school spending this year is expected to include home furnishings such as desks, chairs, and lamps.

To claim a meaningful share of this year's booming back-to-school economy, local retailers will need to advertise to let parents know that their stores are open, it is safe to shop, and the needed supplies are in stock.

By any metric, the best way to reach these parents is on Fayetteville radio.

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Topics Retailer, millennials, retail, small business, small business owner, fayetteville small business owners, effective radio advertising, back to school, radio advertising, millennial parents, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic, small business advertising

Advertising In Fayetteville: Consumers Pay More For Sustainable

Jul 14, 2020 9:28:20 AM / by Larry Julius

This year, according to Nielsen, 689,000 Fayetteville area consumers will spend $192 million on eco-friendly goods and services. Sales for sustainable products have grown 20% since 2014, a trend expected to continue into 2021.

Tensie Whelan and Randi Kronthal-Sacco of the New York University Stern Center for Sustainable Business write in the Harvard Business Review, "Consumers are voting with their dollars against unsustainable brands. The legacy companies that will thrive are those that accept this shift and are willing to pivot.” 

For North Carolina small business owners who are skeptical that sustainability affects purchase decisions, retail analyst Stacey Widlitz provided this advice, recently, in Forbes.

"Retailers only need to look to IBM's recent study, in association with the National Retail Federation, to understand just how fast consumer priorities are changing," says Ms. Widlitz. "Findings from the study revealed nearly 60% of consumers surveyed are willing to change their shopping habits to reduce environmental impact. For the nearly 80% of respondents who said sustainability is important to them over 70% would pay a premium of 35% on average."

To compete for a share of consumers' spending on green goods and services requires local small business owners to advertise.

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Topics Retailer, millennials, retail, small business, small business owner, radio advertising, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic, small business advertising, sustainable, eco-friendly, green products

Fayetteville Furniture Retailers Expect A Post-Pandemic Rebound

Jul 10, 2020 6:35:05 AM / by Larry Julius

Before the onset of COVID-19, more than 59,000 Fayetteville area households were planning to spend $123 million on furniture, according to Nielsen. Unfortunately, many of those plans were put on pause as consumers sheltered in place to help slow the spread of the virus.

A recent study by Elevate | SmithGeiger suggests that the fortunes of home furnishing retailers, however, are about to improve.

According to the study, 32% of consumers who had been planning to buy furniture will do so within three months of the pandemic easing. Fifty percent will do so within six months. The numbers for mattress shoppers are even stronger.

To capture a significant share of the post-pandemic sales of furniture and mattress will require retailers to advertise. The most effective way to reach the customers who are ready to buy is on Fayetteville radio.

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Topics Retailer, retail, small business, small business owner, best way to advertise, mattress, furniture, radio advertising, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic

Fayetteville Small Business: Appliance Stores Prepare For Rebound

Jun 17, 2020 9:16:29 AM / by Larry Julius

During lockdown, Fayetteville consumers have been postponing the purchase of major appliances.  Despite the pause in buying, however, local shoppers are still expected to spend $23 million this year on ovens, stoves, refrigerators, freezers, washing machines, dryers, and dishwashers.

Here's how appliance sales in the Fayetteville area will breakdown by category:

  • Cooking: $6,400,000
  • Refrigerator/Freezer: $3,900,000
  • Laundry: $4,100,000
  • Other: $6,000,000

Based on traditional buying patterns, at least 60% of all major appliance sales will occur between now and December.

To capture a larger share of all this spending will require local appliance dealers 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.”

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”. 

By almost any measure, advertising on Fayetteville radio is the best choice for local appliance store owners.

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Topics Retailer, roi, return on investment, retail, small business, small business owner, best way to advertise, consumer spending, radio advertising, retail sales, retail stores, retail traffic, advertise on radio, retail store traffic, appliance store

Advertising In Fayetteville: Time For Local Jewelry Stores To Shine

Jun 13, 2020 9:42:59 AM / by Larry Julius

Despite the pandemic, Fayetteville area consumers are expected to spend $22 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:

  • $9 million worth of diamonds
  • $3 million worth of watches
  • $2 million worth of gold
  • $2 million worth of pearls and gemstones
  • $4 million in other goods and services

North Carolina business owners will now have an easier time capturing a bigger share of jewelry expenditures as a monster competitive force disappears.

This week, Signet, the largest jewelry retailer in the country, announced that by December, it would be closing over 380 stores.  Signet's brands familiar to local consumers include Kay, Jared, Zales, and Piercing Pagoda.

To successfully compete for the void created by fewer Signet stores, local retailers will need to advertise, especially between now and the end of the year. This is when 63% of all fine-jewelry sales traditionally occur.

By any metric, the best way to reach local jewelry buyers is by advertising on Fayetteville radio.

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Topics Retailer, roi, return on investment, retail, best way to advertise, bridal, bridal market, wedding, consumer spending, radio advertising, retail sales, retail stores, retail traffic, retail store traffic, jewelry stores, advertising on radio

Fayetteville Radio Listeners Will Power The Post-Pandemic Recovery

Jun 10, 2020 4:26:51 PM / by Larry Julius

At the dawn of 2020, Fayetteville small business owners were expecting the area's retail economy to expand by 4.1%. This optimism was stoked by the National Retail Federation's chief economist who said, "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."

By February, however, the country entered into a COVID-19 induced recession. Then, to slow the spread of the pandemic, on March 30, the Governor of North Carolina locked the state down. This brought the Fayetteville area's $8.1 billion retail economy to a standstill.

As stores, restaurants, and offices in the Fayetteville area begin to re-open, consumers' appetite for spending is returning. According to Nielsen, loyal radio listeners are very likely to be first in line at the cash registers.

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Topics Retailer, retail, small business, small business owner, best way to advertise, consumer spending, radio advertising, automotive, retail sales, retail stores, coronavirus, corona, covid 19, reopen, retail traffic, advertise on radio, retail store traffic, recovery

Best Way To Re-Introduce A Fayetteville Small Business To Consumers

Jun 5, 2020 3:33:45 PM / by Larry Julius

Fayetteville small business owners are learning that 're-opening' may not be an appropriate word for the challenges they face as the Coronavirus crisis winds down.  A better term might be 're-introducing'.

Since the Governor of North Carolina shuttered the state on March 30, to slow the spread of COVID-19, Fayetteville area consumers have discovered new ways to buy the goods and services they need.  It's now the burden of local business owners to lure these customers back. The first step is re-introduction.

In 1939, WFNC signed-on as the first radio station serving Fayetteville. Since then, local business owners have used radio advertising to introduce themselves successfully to new customers. Radio has also helped these businesses survive recessions, depressions, world wars, hurricanes, and floods. By any metric, advertising on local radio remains the most effective tactic a small business owner can use post-pandemic, as well.

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Topics Retailer, commercial, roi, return on investment, commercial length, retail, small business, time of day, daypart, prime time, small business owner, best way to advertise, memorable radio commercials, radio advertising, retail sales, retail stores, reopen, retail traffic, retail store traffic

Traffic In Fayetteville Is Picking-Up. Is Your Small Business Ready?

Jun 3, 2020 2:15:10 PM / by Larry Julius

More than 92% of Fayetteville area households own at least one vehicle. 

Pre-pandemic, 84% of workers spent, on average, 46 minutes every weekday in these cars commuting to-and-from their jobs.  

On their way to work, many of these drivers would contribute to the Fayetteville area's $8.5 billion retail economy by visiting the convenience stores, coffeehouses, auto repair centers, gas stations, daycares, grocery stores, or hundreds of other businesses they passed.

At lunchtime, these same cars would take their owners to restaurants, dentist appointments, nail appointments, barbershops, and on an infinite number of other errands.

On the weekends, these vehicles filled the parking lots of hardware stores, furniture stores, car dealers, appliance stores, bowling alleys, movie theatres, and nightclubs, 

Then on March 30, when the Governor of North Carolina shut down the state to slow the spread of COVID-19, traffic came to a standstill and so did the spending.

There are strong indications, though, that in the Fayetteville area, roads are filling up again.

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Topics Retailer, roi, return on investment, retail, small business, store traffic, small business owner, best way to advertise, in-car audio, consumer spending, radio advertising, retail sales, retail stores, retail traffic, retail store traffic, vehicle traffic

What Happens When A Fayetteville Small Business Stops Advertising?

May 28, 2020 8:13:26 AM / by Larry Julius

Fayetteville small business owners may perceive the continuation of advertising as a luxury right now. This is especially so when compared to the necessity for covering the costs of utilities, inventory, payroll, and rent.

Before pulling the plug, though, business owners from Lumberton to Spring Lake must consider the consequences of 'going dark', a marketing term which means to stop advertising.

"According to our analysis, short-term decisions to go dark create significant risk for long-term revenue," says Ameneh Atai, Senior Vice President of Commercial Strategy at Nielsen. "This affects both incremental revenue and base sales."

"Our database of long-term effects models suggests that cutting ad spending for the rest of 2020 could lead up-to 11% revenue decrease in 2021," says Ms. Atai. "It could take three to five years of solid and consistent brand building to recover from an extended dark period of media."

"We have a ton of evidence in our historical analysis," adds Nielsen's Tsvetan Tsvetkov, Senior Vice President of Agency and Advertiser Solutions. "Companies that step away from advertising efforts for a period of time, whether it's a couple of quarters or a full year or longer lose the momentum they have built over time the minute they stop. To recover takes a long, long time."

To avoid the economic risks of going dark, local small business owners need to make sure every dollar spent on advertising produces solid returns.  By most marketing metrics, advertising on Fayetteville radio could prove to be the best option.

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Topics Retailer, reach, roi, return on investment, retail, small business, small business owner, best way to advertise, radio advertising, reach & frequency, retail sales, retail stores

Who'll Be Buying When Fayetteville Small Businesses Reopen?

May 19, 2020 7:16:00 AM / by Larry Julius

To slow the spread of COVID-19, the Governor of North Carolina shut down all but the most essential businesses in the state on March 30. This public safety measure inflicted a severe disruption to the Fayetteville area's $8.1 billion retail economy.

As local small business owners prepare to reopen, each must concentrate on supercharging their cash flows to compensate for weeks of consumer abstinence. Turning the lights back on and hanging out a welcome sign might not be enough, though, to bring even the most loyal customers back.

Some customers may not return because of personal safety concerns. Other customers may have discovered alternative sources to purchase goods and services.

But, there is one thing every North Carolina small business owner can be assured of. Consumers will not return if they aren't aware that a business has reopened.

Advertising is a potent tactic for any Fayetteville small business that needs to reintroduce itself to local consumers.

“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.”

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Topics Retailer, retail, small business, store traffic, small business owner, best way to advertise, radio advertising, retail sales, retail stores, coronavirus, corona, covid 19, crisis marketing, reopen

Crisis Marketing: What Fayetteville Small Business Owners Should Know

Mar 31, 2020 2:29:49 PM / by Larry Julius

Last week, Gordon Borrell, CEO of Borrell Associates, shared insights with Fayetteville small business owners on the value of marketing to consumers during a crisis. A video replay of the teleconference is available by clicking here.

Mr. Borrell is the CEO of Borrell Associates. His company is one of the most trusted sources of trends and forecasts for local media today.

According to Mr. Borrell, despite social distancing and economic jitters induced by the Coronavirus chaos, consumers are still spending money.

He points to research from Ibis that consumer consumption continues in almost every crisis, including depressions, recessions, floods, hurricanes, earthquakes, fires, and, now, pandemic.

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Topics retail, small business, small business owner, best way to advertise, radio advertising, coronavirus, corona, covid 19, crisis marketing, small business marketing, borrell associates

Fayetteville Radio: Who's Listening During The Coronavirus Crisis

Mar 27, 2020 3:45:59 PM / by Larry Julius

In a typical week, 289,000 adult consumers tune-in to Fayetteville radio stations.  But, since the onset of the Coronavirus, the weeks have not been typical.

Before social-distancing and work-from-home orders, 197,000 Fayetteville consumers would drive to-and-from work each day. More than 97% of these commuters could be reached by radio.  

North Carolina small business owners who depend on radio advertising to market their goods and services, therefore, might be concerned that the disruption in commuting patterns could depress the amount of time consumers spend with local radio.

According to market research, however, radio listening remains an important part of the daily life of consumers. Even amid the current chaos.

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Topics retail, small business, small business owner, best way to advertise, radio advertising, coronavirus, corona, covid 19, crisis marketing

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