eMarketer has a stat-filled story today outlining advertising spending by small to medium-sized enterprises (SME). It’s quite heartening – if you add up website, email marketing, keyword search and banners, online ad spending is a strong second place in overall ad spend for this category, behind only the Yellow Pages. According to the study, done by The Kelsey Group, online will capture 16% of a $22 billion spend, or $3.52 billion. The study goes on to say, however, that online will average only 2% of the total US advertising spend of $230 billion, or $4.6 billion (larger advertisers are only adding in another billion? Huh?!). Everyone counts differently on this metric, eMarketer says online ad spending will grow from $6 billion last year to $6.9 billion in 2003.