Report: Online Local Ads Mostly Hype
According to a new report released by eMarketer released today, online local advertising still has a lot to live up to. Of the $16.7 billion spent on advertising in 2006, only 7.9% of that was spent on online local ads. Online local advertising is expected to grow at an explosive rate of 51%, says eMarketer, but the low percentage of money being spent on local online ads means that local online ad spending will only amount to 10% of the projected $20.3 billion ad spending in 2007.
The report, “Local Online Advertising: Measuring the Potential,” also says that among local advertisers, online is almost an afterthought. By 2008, while the total amount of money spent on local advertising will make up almost 35% of the money spent on all advertising media, local spending online will total only 12%. “One should never underestimate inertia and tradition when trying to gauge future paths for the local online ad market,” said David Hallerman, author of the report.
The report cites the practice of many local print publications of bundling online with print local advertising, hindering purely online local sales. It also examines customer behavior and says that while 63% of the U.S. goes online regularly, a fraction of a percent of them actually use local search engines, a prime venue for local online ads. Local search, though, is the prime factor in driving the growth of online local advertising.
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