Significant shifts are occurring in the advertising space. If anyone still doubts that traditional marketing is in state of crisis, read on.  Its not as simple as a shift from TV ads to Internet ads.

Actual dollars spent on advertising this year was sharply lower than the original estimates. This according to an analysis by Blackfriars Communications. Worse, the same story is true online.

Source: Micro Persuasion: Watch Out Startups, Ad Spending is Falling and So is Your Sky

The key stat:

 …..  advertising spending fell to $218 billion this year, of which $38 billion was online advertising

And it gets worse …

Bottom line. While the article cites matters such as increased fuel prices the fact is that advertising revenue is down. 

Its the perfect environment for new marketers to create their own space based on the new realities.  I would cite two .. CitizenAgency, and Edelman.   The former just because they are leaders in the new thinking, and while new, Chris and Tara are amongst the few that will drive the changes in marketing that are required.  The latter, because they are a traditional agency, desperately trying to change, and generally doing fine.  Their handling of the WalMart thing was not bad considering the space most marketers are in.

Relevance to Bankwatch:

Take a long look at your agency of record.  What are they doing to learn about the new marketing environment, or are they stuck in campaign mode.  What about your own marketing department …. are they in campaign mode?