Social media spend by marketers set to skyrocket

Social media: spending by marketers expected to soar in the next five years
Social media: spending by marketers expected to soar in the next five years

Social media spending as a percentage of marketing budgets will more than double over the next five years, according to a survey of almost 500 chief marketing officers in the US, which also found integration of social remains a key issue.

Chief marketing officers say they are currently spending 8.4% of their budgets on social media and expect that to increase by more than 40% over the next year to 11.5%, and in the next five years, it will reach 21.6% the survey found.

The biggest increase is set to come among big consumer goods firms such as Procter & Gamble and the Coca-Cola Company, which expect the most dramatic increase in social media spend, rising from 9.6% to 24.6%.

Christine Moorman, director of The CMO Survey and a professor of business administration at Duke University, said this showed that companies were searching for novel ways to interact with their customers that would drive the growth of their companies.

She said: "Unfortunately, marketers are behind the curve with their current levels of social media expenditure, given the amount of time customers spend engaged with one another and with companies online. The good news is that marketers are seeing the imperative to rectify this through increased investment in social media marketing in the upcoming years."

Read more on this story on The Wall

0
SHARES
Comment

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs
Thousands of jobs across advertising, creative, marketing and media

Just published

Feel you're missing out?

GET THE
BRANDREPUBLIC
BULLETINS
Sign up

The Wall Blog

From our partners

3 great ads I had nothing to do with: Brian Cooper

3 great ads I had nothing to do with: Catherine Kehoe

A day in the life of Jozef Wallis

A day in the life of Jozef Wallis

A day in the life of Arthur Kay

A day in the life of Arthur Kay

A day in the life of Daniel Kaplansky

A day in the life of Daniel Kaplansky

Have an exciting Christmas in EC1

Have an exciting Christmas in EC1