This is likely to result in a decline in expenditure on more traditional channels of marketing, the poll by Rackspace indicated. The survey found that out of 130 marketing bosses, 61 per cent will make the online medium their biggest outlet in 2009, despite 40 per cent saying they have had difficulties in the past due to technical problems, New Media Age reports.

However, the majority of respondents said they believed the effectiveness of social networking campaigns in an online strategy was limited, with only 35 per cent of CMOs stating that they thought the online medium offered the best results transparency.

Furthermore, the survey showed that not enough marketers are considering website performance when rolling out new campaigns – fewer than half (48%) of respondents said that they took steps to make sure their websites could cope with higher traffic levels when running an internet marketing campaign.

Last month, TNS Media Intelligence research found that US advertising spending was on the decline, with a 1.6 per cent drop during the first half of 2008.

However, online advertising was one of the few sectors that bucked the trend, with spend increasing by eight per cent. A recent eMarketer report suggested that spending on search marketing in the UK will rise to more than £2 billion by the end of this year. While in the U.S., a recent study commissioned by the American Marketing Association and carried out by the Fuqua School of Business at Duke University revealed that US business-to-business product marketers intend to increase online spending by 12.87 per cent in the next 12 months, eMarketer reports.

Dean DeBiase of TNS remarked: "It appears marketers are placing an emphasis upon enhanced efficiencies for their brands and the ability to engage with well-defined audiences to ensure ever greater return on investment."