September 7th, 2011
Social media marketing is on the rise, survey says
American City Business Journals
Marketing executives are planning to increase spending in social media in their overall marketing strategies, according to a new Duke University survey.
Chief marketing officers in the U.S. intend to increase social media spending from the current level of 7.1 percent of their overall marketing budget to 10.1 percent during the next year. They also expect to see this percentage increase to 17.5 percent in the next five years.
“Effective use of social media is no longer an option for companies — it is a requirement,” said Christine Moorman, professor of business administration at Duke’s Fuqua School of Business and the director of the CMO survey.
However, many U.S. companies still have not integrated social media into their overall marketing strategies. On a scale of one to seven, with one being “not integrated at all” and seven being “very integrated,” 16.9 percent selected “one.”
Overall, marketing budgets are expected to increase 9.1 percent and companies plan a 7.2 percent increase in marketing hires over the next 12 months.