If you were wondering what percentage of local businesses were buying each form of advertising across 2024, as well as the average annual spending on each, Borrell Associates has the answer for you, courtesy of Adcellerant VP of Business Development Ben Bouslog.
In a two-minute video vignette, Bouslog shared that Events & Sponsorships emerged as the most-used type of media in the latter half of 2024.
That’s according to Borrell’s Fall 2024 survey of local ad buyers, which saw some 1,330 respondents participate.
But how does Events & Sponsorships rank in terms of how much money advertisers are willing to invest in it? “It is right along the lines of what they spend in social media, which makes sense,” Bouslog says. “Both involve connecting with people.”
The real surprise is “a pattern that shows the cheapest or less-expensive forms of advertising don’t necessarily appeal to large groups of advertisers,” Bouslog reveals.
Thus, print and online directories and text-based marketing are at or near the bottom of Borrell’s list.
“The good news here is that advertisers are willing to invest large amounts of money in advertising that they perceive works,” Bouslog says. “In this case, it is Outdoor, [Connected TV], and OTT advertising.” There’s also Search Engine Marketing (SEM).
However, are broadcast radio and TV beneficiaries? He gives an “honorable mention” to broadcast TV, which Bouslog says “is pretty much a tie for third place.” Radio’s place is pretty good, too, although he doesn’t mention it.
As shown above, broadcast TV’s budget average for 2024 comes in at $43,300, as it pertains to local ad buyers.
Local radio’s 2024 local ad buyer average ad spent? It is smaller, at $18,100.
Here’s the rub: some 34% of local ad buyers bought AM/FM radio in 2024, placing the media at 7th — but below magazines and newspapers.
Broadcast TV ranked lower, but this largely reflects the cost associated with an ad buy on local television for many SMBs.
