BIA/Kelsey Launches 'Social Local Media' Advisory Service
February 23, 2011 at 4:12 AM (PT)
BIA/KELSEY has launched SOCIAL LOCAL MEDIA (SLM), a new advisory service dedicated to "covering the growing and dynamic social media ecosystem and the best opportunities for driving revenues with social platforms." SLM was created to address the rapidly developing social segment of what the firm estimates will be a $23 billion digital advertising market in 2011.
Confirmation of the significance of social platforms for local media and advertising comes from the latest wave of BIA/KELSEY's Local Commerce Monitor, an ongoing study of the advertising spending habits of small and medium-sized businesses, conducted with research partner CONSTAT. LCM reveals intense use of social media by small and medium-sized businesses, as 48% of respondents said they are using FACEBOOK for advertising or promoting their business. Among those surveyed, 40% said they have a FACEBOOK page specifically for their business. Additional findings indicate that among respondents, 25% use other social networks, 22% use a blog and 19% use TWITTER to promote their business.
"Social local media, as a marketing, customer-care and content agent, has crossed the mainstream threshold," said BIA/KELSEY Pres. NEAL POLACHEK. "As with any growing marketing channel, the use of social platforms brings questions and concerns about where companies should allocate their efforts and budgets. By concentrating on social local media, we are using our resources to help our clients make sense of where this new ecosystem is headed and how they can participate effectively, both strategically and from a revenue perspective."
To learn more about the SOCIAL LOCAL MEDIA advisory service, click here.