This year, Fayetteville area consumers will spend $546 million in local restaurants and drinking establishments. There are hundreds of restaurants in Cumberland and Robeson counties hungry for a bite of that cash.
Unfortunately, many of the restaurants that are here today will be gone tomorrow. According to FSR, a trade magazine for the restaurant industry, 60% of restaurants fail within their first year. Eighty percent never make it to their fifth anniversary.
CBI Insights studies why small business owners, such as local restaurants, fail. Reason number eight is poor marketing and advertising. Good food and friendly service are not enough to make a cash register ring.
“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 sales, and you know what that means: more revenue and more success for your business."By any metric, the best way to advertise a restaurant is on Fayetteville radio, here's why.
Nielsen recently conducted a study to determine which elements of an advertising campaign have the greatest effect on sales. The most important component is the message itself.
A second crucial element, though, was how many different consumers actually heard the message. This is what advertising professionals call reach.
It turns out that reach is more potent than branding, targeting, and recency.
Percent Sales Contribution by Advertising Element
Of all local media, Fayetteville radio reaches significantly more consumers who visit restaurants than are reached by local TV, local newspaper, or social media.
Last week, for instance, 92.7% of all adults who visited a local restaurant, were reached by Fayetteville radio. No other medium came close.
Radio was the dominant medium for every type of restaurant, regardless if the establishment was quick-service or sit-down.
Most importantly, for any restaurant owner, radio is the key advertising medium used by Fayetteville consumers who not only dine out, but who dine out often.
Regardless of the number of seats a restaurant has or it's location or the type of cuisine it serves, to beat the odds of surviving an eating establishment must advertise. The big chains like McDonald's and Pizza Hut plow 3% of every receipt back into its advertising budget.
For local business owners, however, the SBA suggests that newer businesses should invest 10-12% of sales back into advertising, while more established operations should invest 6-8%,
More Advertising Advice For Fayetteville Small Business Owners
- Advertising: How Fayetteville Radio Stacks Up Against The Internet
- Make Budget Work Harder When Buying Advertising On Fayetteville Radio
- Small Business Owners Recruit Blue Collar Workers on Fayetteville Radio Stations
- What Is The Best Way To Advertise To Mothers In Fayetteville?