The current economic crisis hasn’t affected U.S. Internet advertising spending, according to Massachusetts-based global market intelligence firm IDC. Total revenue for the first quarter increased by 23.9 percent. And although advertising spending is predicted to be cut back for the rest of 2008, Internet advertising will continue to expand.
As a blogger for a web site this is great news. For other traditional print journalists, this could be a nightmare.
“What happens is that the current economic crisis puts pressure on advertisers to save money and find more effective marketing channels,” said Karsten Weide, program director, Digital Marketplace and New Media at IDC. “Effectively, the crisis accelerates the shift of advertising budgets from traditional media into new media.”
The Portland Press Herald is just one of the many newspapers across the nation that is going through layoffs. People aren’t picking the newspaper up from their front porches as much anymore. Most people in Maine drive to work – so reading the paper on the bus or subway isn’t an option. They are turning to the Internet to get their news and information. I can’t blame them – newsprint is messy.
But what newspapers across the country need to do is capitalize on this change. IDC forecasts that U.S. Internet advertising spending will more than double in five years. Papers can’t just put the paper online anymore – they need to use the medium to their advantage. People can make movies with the cell phones these days – they expect more.
Companies, too, need to rethink their advertising strategies. How can they use the Internet to deliver something that can’t be done in a print ad? How can they engage their computer savvy customers? What websites do these potential clients visit? What can they do to their own website to make it user friendly – more of an experience?
Technology is ever expanding, and business needs to change along with it. If advertising on the Internet isn’t something you are comfortable with, hire a consultant who is. But don’t stick your head in the sand like a frightened ostrich. You can create an effective marketing strategy that doesn’t break the bank.
For more Internet marketing banter be sure to check out Rich Brooks’s blog: Internet Marketing 101.