Facebook local advertisers are increasing in substantial numbers as spending on legacy media continues to shrink, demonstrating digital power…
Facebook local advertisers are rising in ranks, while legacy media buys are on a declining trend, according to forecaster and analyst Gordon Borrell’s 2016 summer survey. Public disclosures clearly show the world’s largest social media platform is growing its marketing services. Facebook is the go-to source for local ad buys. Social media platforms increasingly take larger small business marketing budget percentages over traditional or legacy advertising (mediums including television, radio, and print).
Facebook Local Advertisers are Increasing while Legacy Media Buys Shrink
The survey reveals 90 percent of small business advertisers have their own social media page. A full 62 percent buy Facebook ads, outpacing Google, Twitter, and LinkedIn combined. This percentage is also double the amount Facebook captured the same season last year. Small businesses also report being pleased with the results. Of those surveyed, 90 percent advertising on Facebook state they are satisfied with its effectiveness.
Overall, social media is nearly at parity with proprietary websites and referrals for generating new customers. In addition, the 7,500 participant study shows 40 percent of small businesses increasing their digital spending. However, only 15 percent are increasing their overall marketing budgets. Legacy print media takes the biggest hit as businesses switch to online channels. Similarly, television and radio ad revenue is eroding.
Social media platforms continue to enhance their marketing tools. The Facebook Lookalike feature just added small business international marketing tools. In a change to its ad practices, Facebook now factors website load time into its measurements. Though the majority of small businesses prefer digital marketing because of its effectiveness and rich data availability, many report needing help with their websites and social media marketing efforts.
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