CMOs are planning to increase their spending on social media substantially over the next five years, according to a Duke University survey.
The 249 CMOs of U.S. companies said they will increase their spending on social media from its current level of 7.1% of their overall marketing budget to 10.1% over the next year and to 17.5% in the next five years.
These findings dispel the notion that social media is just a fad, said Christine Moorman, the T. Austin Finch senior professor of business administration at Durham, S.C.-based Duke’s Fuqua School of Business and the director of The CMO Survey.
There were differences in the percentage change across sectors. Business-to-consumer marketing of a product reported the greatest anticipated increase over five years — to 24% of the overall marketing budget. That number currently is 10.5%.