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%.
Take the first step (it's free).
You may also like:
- How Effective Is Your Brand on Social Media? Here's How You Can Measure That.
- How to Plan Your Social Media Marketing: Four Tools for Approvals, Workflow, and Collaboration
- 21 Instagram Stats Every E-Commerce Brand Should Know [Infographic]
- Five Things Micro-Influencers Want Brands to Understand in 2019
- Get Started on Your Social Media Plan (Because It Matters to Your Customer Marketing)