Five important areas to consider as you plan your 2007 media budget.
It's that time of the year again. Time to look at your marketing budget and make important decisions about digital marketing allocations. In case you haven't heard the news, there's plenty of money flowing into the online space. EMarketer predicts online advertising alone is growing at 30 percent a year and will swell from $16 billion this year to over $25 billion by 2010. That's serious money.
As more money flows into the digital space, important questions arise about online's role in the marketing mix. These are great questions, albeit more complex than they were in the past. I find this gratifying because the questions are more holistic and strategic.
A couple years ago, we were asked to put together recommendations about budget allocations within the channel (i.e., search, online advertising, site design, e-mail, etc.), based on specific initiatives or campaigns. But few marketers were looking at all the digital touch points that make up the experience they deliver to customers before they determined strategies and budgets. As a result, we worked doubly hard to ensure digital initiatives tied back to real and strategic business objectives.
Now, as bigger budgets move into digital and the Internet moves back into the C suite, the questions assume a more informed, strategic tone. Here are the 10 themes I hear most frequently as we plan for 2007:
All are great topics for discussion. For clients for whom we're the lead digital agency responsible for online advertising and site work, we compile thoughtful answers because we have a total channel perspective. For those clients that parcel out their digital work, we're reliant on them to formulate a total channel perspective, so those conversations are more challenging.
As you go into 2007 planning, whether you're an agency planning with your clients or a marketer, think about five important areas:
It's time to ask yourself and your agencies the hard questions. Don't stop until you get meaningful answers.
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