The Internet Business Is Booming in Europe Too
Here in London for the summer, I’m reading the British business press. Not surprisingly, trends here are following those in the United States. The global real estate meltdown is affecting Europe. The housing market has dropped. The banking industry is down. And rising fuel costs are making things even worse.
Many economic sectors have been affected – advertising sales included. According to the Financial Times, the big agencies are lowering their budgets. Contracts are being cancelled. At best, pundits say, European advertising will be lucky to grow at 3.5 percent – which won’t even keep up with inflation.
For brand advertisers, the situation is actually worse. That 3.5 percent figure includes Internet marketing. And that is soaring – which means brand advertising is shrinking. Fast.
I have three clients here. All three have gotten into Internet marketing in the past several years. They are glad they did. Sales are improving.
One client has a magazine that relies partly on brand advertising for its income. I asked the publisher what he’s going to do about the advertising slump, and he said, “More Internet marketing.”
He’s right to be thinking in that direction. Overall, Internet ad spending in Europe will increase by 32 percent this year, Zenith Optimedia reports. That’s even higher than the earlier projection of 28 percent.
“Internet advertising is benefiting because it allows marketers to track the effects of their spending – something that is more difficult to do in the other media,” The International Herald Tribune reported. “Our clients don’t want big, fancy projects anymore,” one ad agency noted. “They want [advertising campaigns] that are direct, effective, and right to the point.”
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This is a very interesting financial news letter.