Our Micro Study Results are In. How Does Your Brand Stack Up?
January 22, 2015
Here at Balihoo, we’re really excited to announce the results from our 2015 Micro Study, conducted in conjunction with Gatepoint Research. The study is a follow-up to our popular 2012 Micro Study in which we surveyed marketing professionals from large national brands to find out how they are approaching local marketing.
51% of the firms that participated are Fortune 1000, representing industries such as manufacturing, financial services, retail, healthcare, and telecom.
Before conducting the study, we set out to discover the following:
- What challenges are executives facing?
- How do they rate the strategic value of local marketing?
- How are they localizing their campaigns for higher ROI?
The results revealed 7 insights to us.
- Brands know driving consumers to locations is important – 64% of them ranked having a local marketing strategy as “Critical.”
- More brands are realizing that local outperforms national – 50% of the respondents expect the ROI on local marketing expenditures to be higher than that of a national campaign. That’s a 13% increase from our 2012 survey.
- More national brands are now investing in local marketing. In our 2012 survey, 66% of national brands were investing in local marketing. However, in 2014, 77% of them are. That’s an 11% jump in 2 years.
- Those that are investing in local are still limited by budget – 73% spend less than 20% of their marketing budgets on local.
- Tracking and metrics are growing obstacles. When asked about their greatest marketing challenges, ‘Tracking and Metrics’ was selected far and above the other options, with 59% of the audience noting both.
- Despite their knowledge of increased ROI, and their need for more advanced metrics, most brands aren’t taking advantage of local marketing automation. Only 7 % are using automation, while the remainder are using less scalable options such as agencies, or producing in-house. A whopping 11% simply aren’t executing local marketing at all.
- Brands are hyper-focused on measurable ROI when shopping for an automation platform. When asked what factors would justify an investment in a local marketing automation platform, the two most often selected factors are “Tracking & Metrics” and “Cost-efficiency.”
To learn about how local marketing automation can solve these two problems efficiently and at scale, view our on-demand webinar where we provide case studies and further insights into the local marketing landscape.