Optimism abounds in 2011, with television leading the charge according to the Strata quarterly survey of major advertising firms.
Over the past three years, there has been a steady uptick in the number of advertising agencies experiencing an increase in business, improving from a low of 22.5% in 2008 to 51% in this poll. Additionally, nearly one quarter of advertisers surveyed said their customers are increasing their budgets from last year, which is a 46% increase from the first quarter of 2010. Optimism about the new year is high, as nearly 35% expect the economy and their business to return to a strong growth period by late 2011, and 17% feeling they are already there.
As the economy improves, advertising agencies remain focused on television as their medium of choice.
When having to classify the advertising avenue that agency clients are most focused on, the STRATA survey found that TV remains at the top spot at 44% (up 24% from last quarter), followed by digital at 21.1% and a surprise rebirth of radio at 15.6% (an increase of 75% from the third quarter). After witnessing a steady growth over the past two years, digital advertising demand has decreased for the first time between quarters, from 26% in Q3 to 21.1% in Q4.
Agencies expressed the predominant obstacle with digital advertising is the lack of channel effectiveness. Nonetheless, within digital advertising, social media continues to be a hot medium of advertising: 79% of agencies are looking to use Facebook as the dominant social media platform in their clients’ campaigns, with Twitter second at 46%.
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