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The recent news of the fall of Lehman Brothers Bank has caused a knock on effect for large and small businesses around the world. More and more companies are assessing their expenditure, including online marketing budgets.
However, the latest report from Netimperative shows that online advertising is proving to be the choice advertising stream for small and large businesses, having a dramatically increased prediction for advertising spend over the next couple of years.
According to the report:
â€œ81% of advertisers claim that their allocated online ad spend has grown in 2008 and predict that it will continue to do so over the next couple of yearsâ€
With a predicted increase of 16% in 2009 and 17% for 2010.
Furthermore, â€œthree quarters (73%) state that they are increasing their use of online as an advertising medium whilst 31% of advertisers claim their use of TV is decreasing and 40% cite a decrease in the use of newspapers.â€
So What Does This Mean For Your Business?
In this economic climate companies are rightly evaluating where and why they are spending money. However, businesses looking to cut back on their advertising spends should be aware of this report when deciding which advertising streams to cut back on.
The predicted growth of online advertising according to this report is set to be potentially the best, with TV and newspaper advertising decreasing. With the support of these latest statistics, it would be a wise move to increase your online marketing budget, as the growth of your online audience delivers cost effective results.
The timing for increasing your online advertising return on your business is now. With the growth prediction for online advertising for the next two years, increasing your online advertising budget now will help increase brand perception and brand awareness for your business, whilst bringing greater return on your online advertising spend.