Economics of Local Online Advertising
If social networking is so yesterday, what's the next mega-trend in Internet commerce? Marchex, a local online ad business, is putting its money on local search.
Their new report on this topic reports that over 8/10's of consumer searches are all about local products and services. And once the search is complete, the financial transaction occurs offline — at the local small business.
How can marketers cash in on the local search market segment which is expected to reach $20 billion by 2011? Here are several trends that Marchex suggests looking into:
- Small and medium-sized businesses are increasingly advertising online
- National businesses are increasingly advertising online to local markets
- User generated content is growing in importance. Marketers or their agencies can apply technology to aggregate quantitative data and provide searchers with a snapshot of the target business
Are you positioning your firm to excel when it comes to local online advertising?