Though social media spending is projected to constitute a growing share of companies' overall marketing budgets over the next 12 months, CMOs say, integrating social marketing into their overall strategies is still a challenge, according to a survey conducted by Duke University and the American Marketing Association.
Social media spending is expected to account for 9.8% of marketing budgets over the next 12 months, up from the current 5.6%. Moreover, in the next five years, social spending is projected to climb to 18.1% of total marketing budgets.
Services companies are projecting the greatest increases in social spending over the next 12 months:
- B2B services companies are expected to increase their social spending to 12.2% of total budgets, from 6.9%.
- B2C services companies are increasing spending to 11.8% of budgets, from 8.8%.
Below, other findings from the February 2011 CMO (chief marketing officer) Survey, a nationwide poll of senior marketing executives conducted biannually, by The American Marketing Association and Duke University's Fuqua School of Business.
Integrating Social Media into the Mix
Social media is still not well integrated with firm strategies: Just 10.5% of CMOs say social marketing efforts are effectively integrated into their overall marketing strategy, while 6.0% say social efforts are very effectively integrated into their company's overall strategy.