An econsultancy report reveals that digital marketing services are taking the lead in 2010 marketing budgets
The efficacy of digital campaigns compared to promotional products and traditional mail marketing might be highly debated among entrepreneurs. Still, it seems a number of small business owners are willing to invest more in online marketing channels to further investigate the matter.
A study from econsultancy entitled Marketing Budgets 2010: Effectiveness, Measurement and Allocation found that digital marketing will account for 24 percent of overall marketing this year. The survey found that 28 percent of firms are shifting their marketing budgets to favor digital channels over traditional marketing methods.
An even greater number of small business owners would be shifting funds toward online marketing if they could afford to do so. The survey found that 40 percent of entrepreneurs feel restricted marketing budgets are the greatest barrier to increasing their digital marketing campaigns.
The outlook for other marketing channels is much less favourable than for digital. The marketing channels that will be hit the hardest by the shift are print media and radio. Small business owners will decrease their funding for these channels by 41 percent and 36 percent respectively.
Canadian small business owners may find that digital marketing campaigns are a cost-effective way to reach a large pool of potential clients in economically trying times. The access to global consumers could be especially significant.
The Canadian Federation of Independent Business advises entrepreneurs to expand their products and services to a global market to best help the economy.
