Tracking The Rise In Online Marketing
Posted on 30. Sep, 2009 by Matthew Toren in Business
While there’s been precious little to be positive about during this most brutal of recessions, one of the brighter lights in the retail environment has been the continued growth of online marketing. The platform itself may also have suffered during the 2007 to 2009 “great recession,” but it has continued to see growth during the entire period, quite unlike conventional or off-line marketing, which has actually seen a contraction.
It seems clear now as we start to emerge from the recession that internet marketing and online business is likely to lead the recovery forward. In fact, the recession has probably served to elevate the position of online marketing in the overall marketing sphere and many companies will now place much greater emphasis on this form of media and approach to their ongoing business model.
Unlike the original “dot com” boom and subsequent bust, Internet business is today much more mature and more grounded than its predecessor of the 80s. The fact that it has been able to weather the worst economic storm since the 1930s is testament to this position. Entrepreneurs are realizing that the consumer is turning in much larger numbers to online solutions in many areas of their lives. As the world gets more complicated, streamlining is the buzzword and it is much easier for consumers to interact with the Internet now than it was before, versus traditional methods of shopping.
Giant payment processor PayPal has just released its UK Online Retail Report. It suggests that a 137% rise in money spent online will take place during the next two years in Britain and £21.3b will be spent this way. Nine million adults already shop online every week and for every £14 that they spend, at least £1 will be spent on Internet purchases within the next two years.
These figures should give any organization that has not yet embraced internet marketing cause for concern. Major retailers will, however, be quick to reflect on the revenue that they have earned through online marketing during the recession and will surely start to redesign their business models accordingly as they push forward.
While marketing spends on traditional media may have been cut back and may indeed remain in remission, more emphasis is likely to be spent on online marketing as it produces a much stronger “bang for the buck.” It will become much harder to justify spend on the traditional media methods.
While people do not actually stop purchasing during a severe recession, they are more targeted with their pocket books. The severity of this latest recession seems likely to have ingrained any significant changes that consumers made and it is likely that online marketing has risen to a new position in the pecking order. This metamorphosis will undoubtedly result in significant online marketing growth going forward.
Have you seen a significant growth in online marketing?
Matthew Toren
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12 Responses to “Tracking The Rise In Online Marketing”
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Erik Felsted
30. Sep, 2009
Exactly what I have been trying to tell my very successful entrepreneur buddies about their business. I have been their CFO for 7 years and I finally had to leave my double six-figure job to prove it. I just launched my website http://paidin14days.com to teach people how to make money doing online marketing in 14 days or less…or how to take your offline marketing strategy online and crush it!
Sulaiman Alhasawi
30. Sep, 2009
I think online marketing has not been affected for pro-bloggers and other online individual marketers , because the cost is really low if not null. People who were laid off their jobs went to online marketing as a substitute for another income , so that increased the number of online marketers.
Steve Bellante
01. Oct, 2009
Internet marketing is a great deal cheaper than traditional advertising methods such as TV and radio. It’s no surprise that more businesses continue to turn to the internet to get their messages and products out to the public. Where else can you reach such a large audience with such little effort.
Briefcases
01. Oct, 2009
Not only is internet marketing cheaper than other strategies, it is also far easier to track results. With other marketing strategies it is extremely difficult to judge exactly what effect the promotion achieved.
Steven Roddy
01. Oct, 2009
I have found my Internet Marketing business increasing despite the “recession.” I am happy to say that my earnings last year were the highest they have been.
Walter
01. Oct, 2009
I believe that online marketing is steadily increasing because many people are trying their luck on online businesses. :-)
Love Graphics
01. Oct, 2009
I like internet marketing for many of the same reasons listed, mostly because it is one of the most cost effective ways to reach your customers.
Rob
02. Oct, 2009
I think, how could it not be on the rise. Everyday the global audience increases, and everyday the favorite medium slowly moves from TV to net. I remember 7 or 8 years ago when banner ads were portrayed as a doomed method. I see 8 banners on this blog, and that is now normal.
TV Spoilers
02. Oct, 2009
As a POD Shopkeeper, I’ve noticed a huge drop-off in sales this year and this was to be expected in such a frugal age. Having said that, this trending drop is starting to subside and I’m hopeful that this Christmas won’t be the disaster we cried through last year.
I’ve already made more in sales in the past week than I did in the previous three weeks of September so, “fingers crossed.”
Web Design Beach
04. Oct, 2009
Yes, surely online marketing is on big expand, even in smaller countries on local level. In my country i am seeing all big names trying to get into the marketing field online. That is very good and i am always happy with all kinds of positive rises.
Essays
05. Oct, 2009
Pay per click is best. Now we have more options, like yahoo, google and msn. I tried Bing, and it worked as well.