Borrell Associates released a new report this week about the growing optimism of small and medium-sized businesses (SMBs) entering the second half of 2023.
Borrell Associates specializes in tracking, analyzing, and forecasting advertising and marketing investments by local businesses across the United States.
According to Borrell, local advertising will grow 4.4% in 2024, reaching $157.1 billion. While a significant portion of this growth can be attributed to digital formats, many traditional media channels are stabilizing or growing.
The press release highlights growth across the following local media formats:
- Digital video and audio formats, forecast to grow 9.3% and 7.7%, respectively
- Local broadcast TV, up 9%
- Paid Search Listings Sites, growing 8%
- Out of Home, up 3.4%
- Direct Mail, up 1.7%
- Cinema advertising, up 2%
Borrell attributes the growth in traditional formats to local businesses becoming increasingly savvier when it comes to media investments.
A vital aspect of being a savvy marketer includes having access to the right data to empower intelligent decision-making. Motionwork’s mission is to make population mobility data and location intelligence more accessible and actionable to a greater variety of teams, communities, and enterprises. – and that includes small and medium-sized businesses.
Motionworks provides a comprehensive suite of privacy-compliant solutions that can empower SMBs to make even more powerful marketing decisions, optimizing the investment of their media budgets, and maximizing the ROI on their ad spend.
Utilizing Motionworks Population Intelligence, your company can:
- Identify the neighborhoods in which your customers reside in order to target them with local advertising such as out-of-home (OOH), social, search, and mobile retargeting.
- Determine where your customers are located in your market throughout the day, especially during key decision windows, to strategically place contextual advertising across local media channels.
- Analyze your competitors’ customers – who they are, where they live, how often they visit – to achieve impactful competitive conquesting.
- Understand if your media investments are driving visitation among new customers and/or repeat visitation by existing customers.
- Execute effective mobile and CTV retargeting on premium channels to reach your customers or your competitive customers to communicate messages, drive visitation, and encourage transactions.
- Assess your current share of the market in your geography to analyze the full revenue potential of your company and fluctuations in the category.
- And so much more.
If you are interested in learning more about how Motionworks can empower you to make better marketing and business decisions for your SMB, please reach out to us at [email protected]. We would love to learn more about your company, your needs, and help maximize the potential of your local ad spend.