Find the online opportunities in your own backyard
More and more online advertising, specifically local advertising, is shifting to performanced-based models - Cost Per Click/Call, Cost Per Acquisition, Cost Per Transaction, etc. an important point not mentioned in the article linked to above.
Local media companies who develop cross-platform (mobile!) performance based solutions will do well, especially if they can scale across markets.
It’s not that spending on local ads isn’t growing — that market expanded at a 57.2% clip last year. The big winners so far are Internet companies like Google and Local.com, which collectively control 53.3% of the local online ad market, up from 25% in 2006. And they’ve done that with only 1,400 ad-sales reps.
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WSJ, Newspapers Think Locally for Online Ads.
The facts in the above quote taken from this WSJ article (subscription required) busts the “you need feet on the street” myth (thanks MythBusters) to be successful making money online with local advertisers. The statistics seem to clearly suggest the opposite, that if you have a local product that requires feet on the street to sell, the model for scaling the product is probably inherently flawed.
Anyone who lives within their means suffers from a lack of imagination.
— O.W. Hm. via @jack
Two things will need to happen if the recent pace of innovation on the web is going to be sustained over the next few years. The next generation of services will need to have an impact on the real world and the real economy, not just an attention economy driven by self expression and discovery online. These new services will also need to reach real people, many of who use few if any web services today.
— The Original Web Meets World Company | Union Square Ventures Blog
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