We have been talking for quite some time about the need to measure your advertising in the local market.
In other words, success is predicated on the ability to determine the return on investment you receive from your advertising. Particularly on a local level, when the amount of marketing spend is comparatively small.
So it was quite pleasing to see someone who we greatly respect in the industry, Greg Sterling, point out some numbers to that affect.
Using numbers from a Forrester Research Study, Sterling was able to point out exactly why marketers are often shy to join the next wave of advertising, whatever it may be:
"Forrester’s annual report on interactive marketing channels, based on a survey of 333 marketers, found strong and growing interest in relatively all new channels such as social media, online video and user-generated content. Tactics involving social networks, podcasts and user-generated content all showed 100 percent increases in marketer use compared to a similar survey conducted by Forrester last year.
Yet, that enthusiasm was tempered by the pressure to measure the impact of such initiatives in new channels without established metrics. For example, 68 percent of respondents said they adopt new techniques 'only after they’re proven.'"
Of course, today we announced the ability to track print yellow pages (a very specific and local advertising media) via our local marketing platform and the addition of our new Print Yellow Page Analytics Tool.
And while that is totally offline, we do already have the ability to follow back from the POS to the location where it started online. And that is the crossover Sterling mentions below:
"Again, the problem for local is the crossover. While it’s easy to measure clicks, e-commerce purchases, video streams and page views, tracking offline purchases/sales is very difficult for marketers and requires an investment of time, energy and sometimes money that many aren’t willing to make — yet."
He's right. They're not there. Yet. But they will be. And we believe it will be sooner rather than later.