Currently, CMOs surveyed spend 8.4% of their budgets on social media, but in the next five years that figure will reach 21.6%.
These huge increases in social media spending will be across different business sectors, including business-to-business (product), business-to-business (services), business-to-consumer (product) and business-to-consumer (services), the survey found.
The business-to-consumer (product) category, which includes companies like Procter & Gamble and The Coca-Cola Company, expects the most dramatic increase, from 9.6% to 24.6%.
The survey also found that Apple was once again was the top marketing company across industries, while P&G, GE, IBM, Coca-Cola and Google led their respective industries.
Does your company have big plans to increase social media spending? Tell us in the comments.[Picture courtesy of Flickr user 401K2013]