Download - Top 5 Trends in Local Advertising
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Top 5 Trends in Local AdvertisingMarch 30th, 2016
David Shaner, CEOOffline Media, Inc.
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The mobile phone has become a remote control for life.
The average consumer checks their phone ~150x/day.(1)
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~7 years after the first iPhone, smartphones pass TVs as the most viewed devices in America.(2) A species-wide attention shift.
MOBILE REACHED AN INFLECTION POINT IN 2014...
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This year, mobile ad spending will pass desktop.(3) Projections as recent as 2013 predicted this wouldn’t happen until 2019.(4)
...AND AD SPEND IS SPRINTING TO CATCH UP
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Mobile has doubled aggressive predictions. Trends that should take 10 years will take 5.
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8 of the last 10 local businesses I’ve spoken to are “cutting back significantly” on traditional media & shifting to digital/mobile.
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Millennials read, they just read differently.
Apparently, so does Gen X.
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Millennials rapidly abandoning print: 50+% decline over ~10 yrs. Surprisingly, this 50+% decline extends up to 45-54 bracket.(5)
THE SHIFT AWAY FROM PRINT HAS NOT SLOWED...
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Spending in print is out of balance with consumer attention. Mobile ad growth will be fueled by the shift away from print.(6)
...AND DOLLARS ARE SHIFTING STRAIGHT TO MOBILE
~25B+ Opportunity
in USA
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The attention shift to digital came largely at the expense of print.
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Over the next 5 years, look for advertisers to pull roughly 15 billion out of print and redeploy straight to mobile.
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“In the digital age, Internet listings and directories initially gave way to general-purpose search engines such as Google and Bing. But with increasing smartphone adoption, local search is changing once again.”
—IDC “Unleashing Local Search” (7)
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+240%Reported year-over-year growth rate in Google searches with the term “near me” in the query.(8)
CONSUMERS + SMARTPHONES + LOCAL DATA = HUGE AD OPPORTUNITY
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64% Start local purchasing journey elsewhere
~2/3 of local purchasing decisions don’t begin w/ a search engine. Non-search leaders include topic-specific sites/apps.(7)
MULTIPLE STARTING POINTS = DISTRIBUTED AD STRATEGY/REVENUE OPP.
36% Start local purchasing journey with search engine
- 15% topic-specific site/app- 7% customer reviews- 7% online directories...etc.
-e.g. Google, Yahoo, Bing
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Consumers increasingly turn to their phones to make local purchasing decisions...
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...but search engines are far from the only base that local advertisers need to cover.
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Topic-specific websites/apps and online directories together drive nearly as much local traffic as search engines. Advertisers must cover all the relevant bases.
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“For [millennials], happiness isn’t as focused on possessions or career status. Living a meaningful, happy life is about creating, sharing and capturing memories earned through experiences that span the spectrum of life’s opportunities.”
—Harris: Millennials Fueling the Experience Economy(10)
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Millennials have the wheel of the modern economy, and they are spending with brands that create memorable experiences.
SOCIAL WEB + FOMO = INCREASED DEMAND FOR EXPERIENCES
Spending on experiences & events increased 70%
since 1987.(9)
Millennial spending = 1.3 trillion/yr = #1 driver of
modern economy.(9)
8 in 10 millennials would rather spend $$ on an
experience than a thing.(9)
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The Experience Economy is the lens that will help local advertisers and marketers understand the millennial consumer.
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Local (and national) advertisers have a window of opportunity to create meaningful, unique experiences that attract the attention, loyalty and future spending of millennials.
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“The promise of measuring [in-store] attribution across any advertising medium is within reach...the Bluetooth beacon becomes the next cookie, or more appropriately, the real-life equivalent of a digital tracking pixel.”
—Reveal Mobile(10)
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Active iBeacons in the US, 2013
0Active iBeacons
in the US, 2018(11)
4.5M
>50% of major US retailers using in-store iBeacons. Why? Online to offline (O2O) tracking = holy grail of local advertising.
INTERNET OF THINGS WILL (EVENTUALLY) ENABLE ATTRIBUTION
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As local advertisers begin tying ad performance to in-store visits, local ad spending will consolidate around channels that can deliver results and loyalty. The effects on under-performing channels will be Darwinian.
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We are at the dawn of a new era in local advertising—an era dominated by mobile.
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As consumers continue to move away from print, advertisers must quickly adapt or be dominated by faster-moving, digital-savvy competitors.
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Consumers are starting their local purchasing decisions on their phones through search, topic-specific sites/apps and online directories.
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Savvy local advertisers have an unprecedented opportunity to reach consumers at the moment of decision to drive conversions and track ROI.
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Thank you for your time.Please email me directly at [email protected] with any questions or feedback.
David Shaner, CEOOffline Media, Inc.
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Sources & additional reading(1) http://www.kpcb.com/blog/2013-internet-trends(2) http://flurrymobile.tumblr.com/post/115194107130/mobile-to-television-we-interrupt-this-
broadcast#.VHUO_lfF8hw(3) http://www.forbes.com/sites/roberthof/2015/03/25/mobile-ad-revenues-will-blow-past-
desktop-ad-spend-by-early-next-year/#3fda557c5f12(4) http://www.emarketer.com/Article/Will-Desktop-Ad-Spending-Peak/1009959(5) http://www.journalism.org/media-indicators/newspaper-readership-by-age/ (6) http://www.kpcb.com/blog/2015-internet-trends(7) http://www.iab.com/wp-content/uploads/2015/12/IDC.YP-Unleashing-Local-Search-Final-
12.18.15.pdf(8) https://www.thinkwithgoogle.com/articles/5-ways-consumers-connect-stores-mobile-shopping.
html(9) https://eventbrite-s3.s3.amazonaws.com/marketing/Millennials_Research/Gen_PR_Final.pdf
(10) http://www.revealmobile.com/blog/2016/2/29/beacons-bring-attribution-within-reach(11) http://www.businessinsider.com/beacons-are-the-most-important-new-retail-tech-2014-7