CMOs say that social media currently accounts for 8.4% of their marketing budgets, but that social’s share of the pie will jump to 11.5% over the next 12 months, and climb all the way to 21.6% share in the next 5 years, according to findings from Duke University’s Fuqua School of Business, which just released its latest CMO Survey. The forecast may be over-aggressive, though: last year, CMOs predicted that social would grab 10.8% share of budgets by this point, with the reported share this year (8.4%) about 20% below that mark. Nevertheless, budgets are definitely on the increase: the 8.4% share noted in this survey is up more than 10% from 7.6% in August 2012, and is also up from 7.4% in February of last year.
The latest survey shows that current spending (as a share of total marketing budgets) is highest among B2C-services companies (9.9%), with B2C-product (9.6%) and B2B-services (9.6%) companies close behind. B2B-product companies drag down the average, spending only 7.5% share of their budgets on social.
Sign of the times. 2013 seems to have taken off with a bang. Hopefully that means more work will trickle down to people like us 🙂
See on www.marketingcharts.com