As far as I know yellow pages is a good commercial route. If you have the funds local radio is a boost.
If you are wanting to promote a local service i think it wouls be good. It just depends what you have on offer.
Depending on your customers, there are still plenty of people who do not use the internet to shop so if your customers fit this profile, then using the yellow pages are not a bad idea. If you do, just make sure you use a tracking number so you can see its effectiveness. Direct marketing is another way to get the word out about your business. So is business networking. www.InternetAd.biz
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Yes it depends upon the product you sell / services , if its a product sales you can very well try yellow pages kind of advertising more, more chance of conversion.
For Locall Businesses like a Pizza Place, Florist or etc. Yelllo pages are great If your market is larger ... then a website and some SEO work will bring in the dollars All the Best