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.
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