By Wayne Friedman, MediaDailyNews
Local small and medium-sized businesses are “optimistic” about local media growth in the near term. Still, many are cautious.
When it comes to where local media dollars are spent, the survey says newspapers are still tops – commanding a 22% share of local ad dollars, followed by digital at 19%; other local print publications with 12%; direct mail at 9%; radio with 8%; and outdoor (out of home) at 3%.
Local broadcast stations and local cable systems each command a 3% share of local and medium-sized business media budgets.
A new survey from Borrell Associates says 47% expect to spend “about the same” in advertising/marketing in 2013 versus 2012; with 27% looking to spend more and 19% spending less.
Still, Borrell research on actual media spending has estimated there will be a 10.7% rise in advertising/media spending for these small- and medium-sized businesses to an average of $88,300 a year.
Overall, 64% of respondents say they are “very” or “somewhat” optimistic about near-term improvement of the local economy.
Nearly 45% of respondents said their digital spending is increasing, while about 35% said it remains the same. While mobile media spending will be important, only 20% of local and small businesses are currently active with mobile advertising.
Almost 40% of respondents say their media budgets are placed on three to five local media outlets.