2020 has been the year for web and digital marketing. With more businesses using eCommerce, online ordering and curbside pickup, web and digital marketing has solidified as one of the most critical components for businesses.
Digital ad spend has increased year-over-year even though overall ad spend has dropped year-over-year for many small businesses. The IAB’s latest survey of 242 media buyers and publishers expects that total U.S. ad spending will be down 8% for 2020 but digital is projected to go up 6% year-over-year.
According to the report, paid search and social media have had and will continue to see the largest growth in ad spend. Paid search is expected to see 26% growth year-over-year and social is close behind at 25%.
Connected TV (CTV) is also seeing significant growth. The IAB survey says that CTV is growing 19%. Following CTV are digital video and online display advertising, which are up 18% and 15%, respectively.
While digital advertising is seeing tremendous growth in ad spend year-over-year, traditional media, on the other hand, is suffering. From linear TV, traditional out-of-home advertising, to radio advertising, all traditional media spend has dropped double digits year-over-year!
Source: IAB media buyers survey
Going forward, it’s highly likely that digital ad spend will continue to grow while capturing more of traditional media’s ad spend. We’d expect that paid search and social media will take up a majority of the digital ad spend since these two digital advertising channels are the most effective ways to bring prospects to company websites, enhance brand awareness, and promote products or services to targeted audiences!
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