Are Yellow pages Dead?
1) Reduce YP costs -- there WILL be diminishing returns
2) Target your market
3) Go after your defined market at all possible points of contact
4) Be aware that local style directories are siphoning off YP -- directories like RedTO, and local versions of Google (still in beta) and Yahoo
Marketing locally is part of an ongoing trend. People research their purchases online, but finding something close by is still tough.
However, the YP is being surpassed in this regard because the ads offer no flavour. The internet is convenient, informative, and can offer insight into company culture. Excellent service is a defining factor more than ever. The number of generic listings in the average YP category is numbing. I personally never think to use it anymore -- I'm likely part of a growing majority.