MarketingVOX News reports this morning Jupiter Research announced that online display advertising and, will overtake magazine advertising in gross billings in 2007. Paid search led the online advertising revival in 2004, rising 34 percent from 2003. Jupiter’s Gary Stein predicted the general online ad market would about double to $16.1 billion in five years.
Paid online display advertising grew 27 percent in 2004 and when combined with paid search, will overtake magazine advertising in gross billings in 2007. At that point, online ads will represent on of every 16 dollars spent on advertising.
Stein said growth will slow as a the rise in costs per click slows. Jupiter’s figures show click costs growing from an average of $0.29 in 2003 to $0.36 in 2004. The firm predicts those costs will continue to rise apace, hitting $0.40 per click in 2005 and $0.42 in 2006.
Just further evidence that law firms cannot sit on traditional advertising such as print. Your target audience is on the Internet. Other industries know this and are responding. Because lawyers are slow to respond and tend to do an awful job of Internet marketing, this provides you a golden opportunity to dominate the Internet space for your locale and practice area.