A recent study by Borrell Associates entitled Local Ads Moving to Social Networks found that 20% of the ad spend on social networks was from local advertisers.
They were surprised as most of us are at thinking that a local retailer could be so savvy to so quickly tap into this phenomenon. They go on to say that it’s not a big dollar amount yet and most of it is being placed on only two sites Facebook and MySpace.
For us it’s still all about the way local advertising is changing away from the traditional to digital in general and the Internet specifically. It’s another sign that local retailers during tough times are searching for better ways to spend their advertising dollars and are willing to take a few chances rather than waste money on local newspapers, radio and yellow pages.
I wouldn’t rush out and figure out a way to help them spend money on Facebook but I would make sure my company isn’t looking the other way as the old way of doing things is quickly changing.