For some reason there has been a perception that the online media isn't a serious destination for advertisers. Maybe its to do with the age factor of the top brass and the decision makers or maybe its simply a mindset. In comparison to other media, advertising in the online media is still growing. Things are changing now and traditional media advertisers are now showing interest in the online world.
In 2011 the biggest contributor and investor to internet advertising is banking, financial services and insurance industry, which is projected to take up to 39% of the total market share. Other contributors to online advertising include education, telecommunication, travel and the auto industries.
Consider the following facts,
-India is one of the fastest growing Internet markets in the world
-While current Internet penetration stands at ~ 7%, it is expected to grow over the next 3 years significantly along with wireless broadband growth.
-Total mobile subscriber base passed 600 million in 2010.
-By 2015, 150 million new users in India will be going online.
Traditional "assumption" media versus online "real" advertising
Never in the history of advertising has advertising had a media and the tools for absolute laser sharp precision advertising. On the world wide web the advertiser has the choice of choosing exact demographics, psychographics and even sub-sub factors while the advertiser could be sitting in New York and the market could be specific targeted regions spread out in different parts of any country.
Now let's make it more complicated. How would you target all the male Gujaratis across the world, in the age group of 39-44, who like reading books on Quantum Physics, have an interest in Yoga and who would like to hit the gym? Traditionally you would require a multi-million dollar budget, advertise in tens of countries and buy newspaper space across newspapers in various countries. Today on Facebook and Google AdSense the same results could be achieved at less than perhaps one tenth the expense. Any person who has ever advertised on Facebook or Google Adsense knows that return on investment can sometimes be as high as 10 times in comparison to traditional media.
Television, newspapers, outdoors or any other media has generally been a "assumption" based media in comparison to the real customers targeted online. Traditional media is not only highly vague in terms of sample basis and assumptions which in real terms could mean something or may not mean anything!
Online media is real and not just customers interested in the advertiser's product are targeted, but the advertiser also has a choice of paying only for real eyeballs or clicks, which means the customers initiates interest in the product by sending a query.
The recently held Yahoo! Big Idea Awards is an acknowledgment on the growth of online advertising in India. First launched in the US for recognizing some of the best work by the online advertising community and excellence in digital advertising and as online advertising grows in India so is the industry validation.
It cannot be called the Oscar as yet, but the Big Idea Chair Award has evolved to become a global award that recognizes creative work in the digital community. According to Yahoo, "Yahoo! Big Idea chair is our unique award that acknowledges outstanding work in the online creative community. With Yahoo! Big Idea Chair our objective is to promote the best talent working on the digital medium and create an ecosystem which will contribute to the growth of the medium."
Puneet Mehrotra writes on Business and Technology www.thebusinessedition.com .