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Social Media Spending Set To Surge

Social media spending is set to more than double in the next five years across different business sectors.

Social Media Spending Set To Surge

Social media spending as a percentage of marketing budgets will more than double over the next five years, according to a Duke University survey of 468 U.S. chief marketing officers (CMOs).

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]