There are many types of online advertising available, but one of the most tried and true forms of online advertising are display and banner advertisements.

While keywords and linking can be very effective, online display ads utilize the traditional advertisement layout, which is often image-based and seeks to directly engage the customer. With vivid pictures and lively content, a banner advertisement on a popular web page can be as effective as a billboard ad. But, as opposed to a print advertisement that can be only looked at by consumers, online consumers can engage with the brand via a click to find out more about the product or service.

"When exposed to branded [display] ads, the impact may not be direct or immediate, but there appears to be strong evidence that users engage better and transact more with brands once they've been exposed to them," writes Henry Blodget of Business Insider.

Online banner ads can be filtered into targeted placements on websites and social media platforms that are geared toward a specific audience. For example, if your business sells jewelry, you can set it up so that you advertise on prom, wedding and anniversary-themed websites and blogs.

To get started with online display and banner advertising, business owners can partner with a local online advertising firm that understands the nuances of small and mid-sized businesses such as key Media Solutions. By doing so, the advertising firm can help companies create ad, make them web-ready and decide which websites to best market them on within the marketing budget.