Most local advertisers (73%) consider social media marketing to be a “necessary evil.”
That’s up from 60% in 2020, according to a poll conducted over the summer by Borrell Associates, a research firm that tracks local ad spending in markets across the country.
During the same time, the number of local advertisers who believe social media is the best place to reach their customers decreased from 47% to 34%.
Yet, according to Borrell, local advertisers are spending more on social media today than they were in 2020.
So, uh, what gives?
“They feel they’ve got to be there because everybody’s on Facebook, or insert your favorite social media type,” says Corey Elliott, Borrell’s EVP of local market intelligence, speaking on this week’s episode of AdExchanger Talks.
The No. 1 thing local advertisers want – and you could say the same for pretty much any advertiser, regardless of size – is to reach the right people and be able to measure the results.
Though local advertisers feel compelled to spend on social media, there’s growing frustration – and suspicion – that the ROI isn’t there.
“Just because [they’re] getting a lot of followers on Facebook doesn’t make the cash register ring,” Borrell says, “and that ticks them off.”
Not ticked off enough, however, to spend less with what Elliott jokingly refers to as the FILTY platforms: Facebook, Instagram, LinkedIn, Twitter and YouTube. (Although, these days, it might be more accurate to say FILXY.)
Borrell found that 22% of local advertisers say they use more social media platforms this year for marketing than they did last year. 🤷
Also in this episode: A deep dive on Borrell’s 2024 local ad forecast, where Gen Z gets its news (not to be clickbaity, but the answer will surprise you), the sad state of local news deserts, why local advertisers don’t spend on open web programmatic and Elliott’s journey from improv comedian to local advertising market researcher.
