On the other hand, recent European Interactive Advertising Association research shows that four out of five advertisers have increased their online ad spend, and predict that this trend will continue for the next two years.
One thing we can all agree on is the continued importance of being able to demonstrate the value of any investment made in these channels. This is especially true in tough times, where a canny marketer can make a significant impact on their brand and emerge stronger and in a better position than the competition.
With this in mind, it's no longer acceptable for brands to play the numbers game with their investment in digital marketing.
To be truly accountable while delivering value on investment, digital channels and, fundamentally, the way they are used, must be elevated from the low cost, mass broadcast approach synonymous with their original inception.
Thankfully, factors like consumer apathy to messages they deem irrelevant (whether email, SMS or delivered by online advertising) have served as a positive -- by shocking many brands into the realisation that the continued misuse of digital channels will ultimately lead to their demise as a valid marketing channel.
But while it is difficult for some brands to waen themselves off a high volume approach, the benefits of a carefully crafted approach are becoming even more appealing.
By applying the same principles direct marketers have been using for many years -- namely improving the relevance and timing of communication to consumers -- brands can look to make the most of their investment in digital marketing.
Every interaction that is created between brand and consumer needs to be a positive one -- sending endless irrelevant emails to a potential customer simply isn't going to achieve this goal.
Digital channels continue to evolve. The opportunities they're offering to brands are becoming more sophisticated, and they are more able to make good the promise of a positive, mutually beneficial relationship.
Behavioural targeting is helping to invigorate the online advertising market, and although it faces certain issues in connection with privacy fears, a combination of responsible use and self-regulation looks set to open this channel up further.
And new techniques like synaptic marketing, where online data generated in real-time is combined with customer insight stored offline, are at the vanguard of ‘new digital' or web 3.0.
Combining these data sources, crucially in real-time as the consumer displays a particular interest or behaviour towards a brand, can enable brands to generate instant interactions with consumers, through the most pertinent channels, which are completely relevant to them as an individual, and perfectly timed.
Even though funds are tight and brand marketers are under pressure to be accountable for where they channel budgets, that shouldn't stop us from continuing to innovate our use of digital channels.
If anything, this pressure should be seen as a positive driver -- giving us the goal of ensuring our clients get ‘more bang for their buck'.
Digital is changing, and is in sight of delivering on the potential it has always lauded. But to reach this second renaissance, we must keep in focus the true goal -- creating positive interactions between brands and their customers. Interactions which are ultimately profitable.
Ben Langdon is chief executive of Digital Marketing Group.