News Flash – a recent report by private equity firm Veronis Suhler Stevenson found that communications spending increased 6.8% in 2006 to a record $885.2 billion, outpacing GDP growth for the fourth time in five years.
Even more interesting, as summarized in InformationWeek, the report predicts that if current trends continue, Internet advertising is expected to pass up newspaper as the largest advertising medium by 2011.
PilmerPR has shared opinions on new media versus traditional media. And while I don’t think traditional media will be replaced, as PR professionals we have to step up and take advantage of the power and importance new media has today. PilmerPR is helping clients take advantage of new media opportunities to reach their target audiences, such as blogs, online publications, and social networking sites.
For instance, Seastone is joining the blogging world by commenting on blogs with relevant topics (Seastone manufactures innovative gift card packaging) and seeking out unique blog mentions of the company.
Regarding the report, James Rutherford, EVP and Managing Director at Veronis Suhler Stevenson, said, “We expect these shifts to continue over the next five years, as time and place shifting accelerate while consumers and businesses utilize more digital media alternatives, strengthening the new media pull model at the expense of the traditional media push model.”
So what is the best strategy? A little push and a little pull. Go after new media, but don’t forget traditional media for a comprehensive PR campaign.