📈 Will your ad spend match this 2024 prediction?

Hey there, ,

Is your business likely to spend more, less, or about the same on local advertising in 2024?

According to Borrell Associates’ Local Ad Spending Forecast, spending on local advertising will increase 4.4% next year. That’s based on its semiannual survey of local businesses.

The local advertising bucket

What’s included in “local advertising?” A lot.

For example, the survey asked about printed directories, newspaper ads, cable TV, local TV, radio, direct mail, cinema, out-of-home (billboards), targeted banner ads, video, email, and paid search.

Borrell’s primary clients for its surveys and market forecasts are media companies – newspapers, radio stations, and television stations -- but I like to keep an eye on the information for insights into digital marketing trends.

Surprise. Digital Outpaces Traditional

Overall, digital advertising comes out ahead of traditional forms of media in the survey.

It’s no surprise that Borrell forecast the largest spending increase in digital video – 9.3%. Other increases are expected in local TV ads, 9%; listing sites (Yelp, Angi, OpenTable, etc.), 8.1%; and digital audio, 7.7%.

The losers?

Borrell expects spending on printed directories to drop 19.2%; run of site web banners, down 11%; telemarketing, down 4.9%; newspapers, down 4%; and cable TV, down 3.2%.

On The Bright Side

During a webinar detailing some of the survey’s findings, Borrell’s Corey Elliott noted that fewer business owners seem to be pessimistic about the future, despite lingering fallout from the Covid-19 pandemic.

In addition, although about the same number of businesses are planning to increase ad spending, fewer are planning to cut ad spending.

As you plan your own ad budgets for 2024, will surveys like this influence your thinking? I’d love to know!

Jargon: What Is A Lookalike Audience?

Facebook collects an enormous amount of information about you (unless you don’t use Facebook.) Businesses that advertise on Facebook can tap into that information to find new customers who are similar to their existing customers.
Hence “lookalike.”

Facebook can take an email list, your Facebook page fans, and even website visitors and comb through those lists looking for similar characteristics. After compiling those characteristics, it combs through its users and builds a new target audience based on those common traits.

A targeted audience that shares characteristics with existing customers is more likely to respond to your advertising.

If you’d like to try lookalike audiences in your Facebook Ads, but you’re unsure how to do it, I can help.

Until Next Time

The next newsletter arrives Oct. 10. Have you planned this year’s Halloween costume? Aside from that, what goals have you set for yourself and your business in the last three months of 2023?

This Friday, Sept. 29, is National Coffee Day. I’m not a coffee drinker, but I appreciate its contributions to sanity and productivity. 🙂

World Smile Day on Friday, Oct. 6, reminds us that sharing a smile makes those around you feel better. And if you’re feeling a little blue yourself, force a smile. You’ll feel better instantly!
Meanwhile, be grateful. Be generous. Be patient. Love.

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Thanks for spending some of your time with me,. I appreciate you.

Mark

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