The choice of media, whether digital or traditional depends on the following factors:
What is the product/service being sold? B2C campaigns may require a media integration strategy, whereas most B2B campaigns work better with SEO & SEM.
As an example, we conducted a B2B campaign for an office equipment company and found that the ROI on online marketing far exceeded the ROI on traditional media.
What is the marketing budget of the company? With SEO, system management mode (SMM) and social media it is possible to achieve results with relatively lower budgets.
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Is the goal awareness & brand building or is it sales? TV is great for awareness, gives traffic spikes but may not give as many consistent sales as internet marketing.
Again, this is subjective and I have seen some great TV campaigns with incredible sales impact, but not as often as well-managed digital marketing campaigns. Online display media is yet to prove itself as a consistent sales generator.