25 percent growth in 2005 Internet advertising

Universal McCann’s media guru Robert Coen predicts a 25 percent growth for internet advertising for 2005, rising to what he says will be $8.8 billion. AdWeek reported (in a story not yet online) that Coen made his predictions this morning at a conference.

In addition to Internet advertising going through the roof, Coen predicts national and local advertising spending to grow 6.4 percent in 2005 to $264 billion.

What’s it mean for law firm marketing?

1. Unless you are moving more money to Internet marketing, you are missing the boat. Advertisers are not pouring more money into Internet marketing for the fun of it. They are doing so because that is where the people are and it is more cost effective than off line advertising and marketing.
2. The economy is bouncing back. Advertising and marketing goes down with slumps in our economy. Just ask anyone like me who was involved in Internet marketing and advertising the end of 2000.

Wake up law firms. It’s time to start shifting more of your marketing budget to effective Internet marketing.