I'm not sure, but the nubmers could seem skewed because of how each report defines "Blog marketing" or "blog advertising." I don't think that blog marketing is necessarily advertising on blogs (ie blogads.com), being part of the AdSense Program, or advertising on Google Adwords - although that definitely could be included.
While the acquisition is slow, small businesses (at 10% as noted earlier) and others (political, universities, b2b...),are starting to include blogs their marketing plans for numerous reasons. The development of a blog alone can be of great benefit. If the right work is put into the planning process, it is a great tool to counteract negative press or even boost search engine rankings.
On the heels of Pew Internet & American Life Project’s announcement that blogs many not have had the impact we would have expected on the last election cycle, research compiled by eMarketer this week indicates that Pew’s numbers on “blog awareness” could be too conservative. According to four independent surveys, “blog awareness” could be as high as 63 percent. Pew pegs awareness at a mere 38 percent.
Here’s the data inverted:

At the same time, I couldn’t help but notice a recent Hewlett-Packard study that found that 10% of small businesses surveyed said they now include blogs as part of their overall marketing strategies. The survey was conducted last week and included responses from more than 400 small businesses. Small businesses, it seems, are way ahead of traditional advertisers when it comes to understanding the importance of blog marketing.

How are these two finding related, you ask? Well, Morra Aarons and I recently spoke to room full of Madison Avenue creative types and were surprised to find that only one person was willing to say that blogs factor into their marketing plans.
[The lone individual was from TBS, who, you might recall, did a great deal of blog advertising for the Sex and the City DVD. You can see one of their ads here.]
I wonder if the Pew numbers include the people in the room who gave Morra and I the blankest of blank looks. Perhaps that might account for the discrepancy?
What's the Definition of "Blog Marketing" ?
The Senate Minority Leader
... was defeated because of a couple blogs. Any study concluding that blogs did not have a profound impact on the last election cycle is overlooking some very real results.
Recent blog posts
- Networked Community, or Hyperconnected Mob? What to do about Internet Attention Deficit Disorder
- Social Security Administration Refuses to Budge
- Twitter: An Antidote to Election Day Voting Problems?
- Daily Digest: Obama Turns Filmmaker to Put Keating in Play
- Social Security Administration Blocking Voter Registration (cont'd)
- Daily Digest: Twitter's on Palin vs. Biden Like Otters on Oysters
- Top 5 Reasons You Won't Be Able To Vote
- Daily Digest: Plutocracy-Killing People-Empowered Politics?
- After the Wall St Bailout: More Plutocracy, or the Rise of Net-Powered Politics?
- Daily Digest: From Local Gadfly to Internationally Known

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What About Ad Sense?
I can't help but think (geez I sound like Carrie from Sex & the City) that Google plays a big part in small businesses' adoption of blog marketing (...as opposed to every other aspect of life that Google plays a big part in, right)?
Many small business owners rely on Google Ad Sense to drive revenue and referrals, and many blogs make use of this tool. Plus, other forms of affiliate marketing are increasingly popular on blogs.