What these economic developers don’t realize is that because they don’t give the information out, they aren’t going to get called at all. Instead of adding value to companies these economic developers are hindering economic growth in their communities.
AU: Only 1% of economic development marketing budgets is allocated toward online advertising, and only 13% of respondents identified it as an effective strategy. This is dramatically different from the trends occurring in the larger US market of companies. The share of spending on online advertising approached 10% of marketing budgets in 2008. In the graph showing revenues over time, online advertising revenues can be seen to grow 400% from 2002 to 2007.