Despite a lack of confidence in the overall US economy, CMOs are planning to increase spending on all forms of marketing over the next 12 months, particularly the share of budget allocated to social media marketing, according to The CMO Survey.
In addition, surveyed CMOs now report their companies are planning to increase spending on marketing hires 7.2% on average over the next 12 months.
"These results show that while executives feel the fear of all the doomsayers operating in financial markets, these same executives are reporting positive performance gains and are spending despite the negative news," said Christine Moorman, T Austin Finch senior professor of Business Administration at Duke's Fuqua School of Business and the director of The CMO Survey.
"It is important to note that the company performance indicators collected in the survey show companies are holding on to their profit, revenue, and ROI gains witnessed over the last six months."
Below, additional findings from the August 2011 CMO Survey, a nationwide poll of senior marketing executives conducted biannually by The American Marketing Association and Duke University's Fuqua School of Business.
Social Media Spending
Among surveyed CMOs, social media spending is expected to account for 10.1% of marketing budgets over the next 12 months, up from 7.1% in August 2011.
Moreover, in the next five years, social spending is projected to climb to 17.5% of total marketing budgets.