74% of Facebook ad revenue is local--
According to a report from Borrell Associates, Facebook will generate $310 million in revenue this year, and $229 million of that will be from local advertisers.
Word of mouth has always been the #1 source of lead generation and conversions for local businesses. Businesses paid for these referrals by providing great service and asking customers to recommend them.
Helping businesses streamline and faciliate these authentic word of mouth referrals for their customers online is the new business model for local. Do you think the local encumbent media companies will figure out how to make this long tail of local work? Me neither.
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