As consumers increasingly turn to the internet for product research, businesses are shifting their marketing budgets to online channels. A new report from BIA/Kelsey reveals that small businesses will allocate 70 percent of their marketing budgets to online media by 2015. This means content marketing is poised to be a competitive necessity.
The study reveals that SMB digital media marketing budgets surpassed $5 billion in 2010. Last year, traditional media marketing spend exceeded $11 billion, positioning it ahead of online budgets. However, the firm predicts this will soon change.
Overall marketing budgets will grow from $22.4 billion in 2010 to $40.2 billion in 2015. The majority of this growth will be fueled by online marketing. BIA/Kelsey says online media marketing spend will more than triple in the next few year, rising from $5.4 billion to $16.6 billion by 2015. At the same time, traditional media spend will remain flat, hitting $13.1 billion in 2015 (compared to $11.8 billion in 2010).
With the online media market showing rapid growth, marketers will want to use content marketing and social media campaigns to keep their companies relevant – and they should start now to gain early adopter advantages.
“With the advent of daily deals to drive customer acquisition, SMBs are now increasingly focused on leveraging technological solutions to engage, grow and retain a higher percentage of their customers,” said Neal Polachek, president, BIA/Kelsey. He suggests SMBs will turn to online media marketing professionals to help them enter this market.
Investing in online content can help small businesses engage their growing online consumer base. As ContentLEAD has reported, many businesses are seeing that blog marketing helps them reach new and untapped audiences.