The new Street Fight State of Hyper Local report is based on feedback from execs who sell tech and digital services to small businesses. Here’s where they say the market is headed.
Which media format has nearly identical reach across age, income and ethnic groups? It’s radio. About 90% of U.S. consumers over age 12 regularly listen to the radio. In the State of the Media: Audio Today, Nielsen encourages marketers to make use of radio because it reaches so many consumers who have money to spend at traditional stores in the immediate future.
One of the best-known publishers in the hyperlocal market, AOL’s Patch.com, announced a retreat this month. Industry analysts had been predicting this outcome for several months and generally report that small media enterprises are facing a tougher time generating enough ad revenue to support themselves. However, the news may not be as grim as some think. Steven Jacobs at StreetFightMag interviewed a few experts who believe that media companies can use some different strategies to succeed in hyperlocal.
Last month, BIA/Kelsey reported that average small and medium-sized businesses (SMBs) use 5.8 marketing formats and show a willingness to experiment with new digital channels. The research company also notes that SMBs have been hesitant to try out location-market marketing, also known as geofencing. Their new analysis explains this hesitation and points out what might be necessary before geofencing takes off in the SMB market.