It’s true that local print and radio advertising were once critically important to small and medium sized businesses (SMBs). But “times they are a-changin,” as Bob Dylan once said.
Recent research suggests that social media ads loom large as the format preferred for both brand awareness and revenue generation among U.S. small and medium-sized businesses (SMBs)
“According to September polling from video editing software firm Magisto, more than 40 percent of SMBs in the U.S. rely on social media ads for brand awareness as well as revenue generation,” notes eMarketer. “It was the only response chosen by more than 13 percent of respondents.”
While 10 percent of SMBs polled said they rely on digital advertising generally for both brand awareness and revenues, only 2 percent of respondents pointed to mobile as their primary format.
“Regardless of the format relied on, respondents did not seem to differentiate much between ads that drove revenues and ads that drove awareness: There was at most a 3-percentage-point difference in responses or the two goals within each format,” reports eMarketer.
Signs point to SMBs continuing their social media marketing, as well as growing their mobile outreach. What is suffering most from this shift in SMB resource allocation is print media. Once the go-to for local businesses, its use has declined and trends suggest a continuing downward spiral.