Digital Marketing may not be booming (it's close to it though) and the future is healthy.
eMarketer had a news item yesterday titled, How Much Marketing Is Digital? It was tied into a report I Blogged about here: The Agency Of The Future Is... that looked at what CMOs (Chief Marketing Officers) would be looking for in their agencies going forward. What should interest you the most is how eMarketer ends the news item by looking at the US online advertising spending as a percentage of total media advertising.
What do you think the percentage is?
In 2007, Digital Marketing accounted for only 7.6%.
In 2008, they are anticipating that number to move to 8.7%.
Digital Marketing accounts for under 10% of the total media advertising done in the U.S.
Looking into their crystal ball, eMarketer is saying that by 2013, Digital Marketing will be at 18.3%.
These number reveal two important factors:
1. Digital Marketing is the place to be. It's still relatively small, but will continue to grow. I don't know many other media channels that are looking this healthy and still have tons of potential.
2. Human capital continues to be a real issue. As these increases unfold, we're going to need the right people out of university interested in taking on a Digital Marketing career and we would also be well served to look at other media channels that might be moving in the opposite direction to train those professionals in the online channel. If the increases do happen the way eMarketer is tracking them, we are woefully unprepared in terms of sheer people power to get the work done.
All that being said (factoring a weakening economy too), the news is all good for the Digital Marketing channel.
Quick question: what would it take to get Digital Marketing to 20% in two years instead of the estimated five years?