I was just reading this article from Search Engine Land about the topic above. While their “case study” method left a bit to be desired (why would you ever go from your own Facebook page to the yellow pages and put them in front of ALL of the competition make absolutely NO SENSE!), you do need to have multi-platform strategy to effectively keep your presense in a local marketplace.
You do need the local search methods, the directories, and your web content all to help you maintain your presence and potentially “own” the local listing, I just don’t see yellow pages being the answer. Social media would be more effective than that. I cannot tell you the last time I personally looked in a phone book. I also don’t go to online yellow pages unless there is something specific that I am not finding through Google/Bing/Yahoo. You can tell the writer definitely came from the Yellow Pages world.
As these mediums, try to revamp to become more relevant in an Internet driven world, there could be some value here, as web strategy is the “sum of all parts”. Local Search is something that needs a trained professional to help you with in order to maximize effectiveness and ensure you are getting your ROI. If you are interested, find someone (like Bevelwise) who understands it, can explain it, and has no reason to be bias to any one media – only to produce the results you desire.