The most pressing question of online advertising is not whether it is "best viewed as a branding or direct medium." That question misses the whole point of the Internet. It is an interactive medium!
Building a brand online means creating value for your online guests/clients. It is not accomplished through any kind of online advertising; it is accomplished by creating a service that your
marketplace wants/needs, getting plenty of feedback from your market to improve the experience and staying true to the value proposition.
Yes, you may be able to build on your brand through
ads that remind your market that you are there, waiting to serve them. Yes, you can absolutely do direct marketing on the Internet. But the Internet is not primarily a broadcast medium. Publishers who
think of online advertising in the context of print advertising with links are doomed to disappointment on both branding and direct marketing counts.
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