Social media spend by marketers set to skyrocket
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.
Social media: spending by marketers expected to soar in the next five years
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."Follow @gordonmacmillan
Latest jobs Jobs web feed
- SHOPPER MARKETING ACCOUNT HANDLERS - London agencies - £38k-55k (perm & freelance) Judi Patton £28-£55k- plus bonus and benefits, London
- head of new business > #1 DIGITAL & CONTENT AGENCY collectivo £60k-£80k plus agency bens, Central London
- Account Director Ball & Hoolahan £55,000 per annum, London
- Senior Account Manager - [Retail / Digital] - Superb agency! £35k - £39k Fill Recruitment Ltd £35k - £39k + bonus & benefits, Central London
- Marketing Manager - FMCG - London or Home counties Stonor £45,000 - £55,000 dependent on experience , London, Essex, Bucks or Oxon
- Creative Director The Marketing Practice Up to £120k dependant on experience , East Hendred, near to Didcot in Oxfordshire