SMB Datapoint of the Week: Broadcast SMBs Have Big Ad Budgets
Small businesses use multiple channels for advertising and promotion, both paid and free. In our most recent Wave 20 of the Local Commerce Monitor™ (3Q/2016) small businesses that use broadcast in their mix of advertising have big advertising budgets that have increased from last year. For core small businesses, (less than $25k annual ad spend) they spend $7001 annually ($5007 in 2015) and for plus small businesses (greater than $25K annual ad spend) they spend $101,466 annually ($71,420 in 2015). Besides TV and cable, the top advertising products these small businesses use the most are direct mail, community sponsorships and internet yellow pages. When it comes to video advertising, the majority of this group of small businesses produce multiple videos that they use across their digital properties and advertising. SMBs that advertise on broadcast spend more annually than our core and plus SMBs. While traditional media is more popular among them, so is social media. Advertising strategies that help small business who advertise on broadcast to engage customers across channels (especially social) with their video ads can help to grow advertising spend.
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