Industry Study Reveals Greater Advertising Spend In 2003
Of those spending more in 2003, the online channel will be the clear winner with more than 36% of media professionals expecting to increase their online budgets. Other benefactors are media with the ability to deliver highly targeted audiences. Specifically, one third (31%) of media buyers spending more in 2003 will put more resources towards cable television while 22% will be increasing radio buys.
“Advertisers appear willing to spend more this year, but are more apt to spend their dollars on affordable and segmented media choices,” said Lee Smith, president of InsightExpress. “For media companies, the key to capitalizing on the upswing in spending will be to deliver even more value in the form of targeted reach for a reasonable price.”
While budgets will be growing, with it will come even more accountability for ad spends.
“Despite the increase in spending, planners are being even more cautious when it comes to their media spend,” said Jeff Loechner, president of MediaPost.
Nearly 80% of all media buyers expect to be held even more accountable for results this year than they were last. And nearly two-thirds (64%) believe their job will be more difficult this year.