Local media reps are seen in a positive light for caring about local businesses. That’s one of the findings from a new Borrell & Associates survey of 2,811 business. The report details how local businesses are shifting their marketing budgets and where radio fits into that equation.
On average local businesses are spending 5% of their gross revenue on advertising and 30% of the 2,811 businesses in the survey plan to increase their budgets while 46% are experimenting with new platforms. Digital continues to dominate and there’s no end in sight to the growth of digital spending.
Specifically for radio, according to Borrell, 39% of the 2,811 advertiser in the survey say they spent money on radio in 2020 and 20% say they plan to spend more in 2021. That places radio 4th on the Borrell depth chart with Social Media topping the list. Nearly 60% of the advertisers surveyed spent money on social media and 47% plan to spend more on those platforms.
46% of businesses in the survey stated that they’ve tried a self-serve method to buy advertising but prefer buying over e-mail. Borrell reports that Facebook remains the top social media platform for local businesses due to its effectiveness.
Borrell asked 2,811 local businesses more than 40 questions about advertising and marketing in April-June of this year. A 30-minute webinar to discuss the data will be held Tuesday, August 31st.
