The report was based on data from a survey conducted in August 2016 of 427 top marketers in the United States.
Marketers say they currently spend 11.7% of their annual budget on social media, on average. That is up from 7.1% in August 2011.
CMOs say they think they will spend 22.2% of their annual marketing budget on social media five years from now, the survey found.
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