Marketers to Increase Investment in Social Media
Social media is no longer an option for companies, it's a necessity. Marketers are picking up on this trend, as more are planning to increase their spend on the channel in 2012, according to The CMO Survey from Duke University. The study polled 249 chief marketing officers of U.S. companies.
Respondents said they'll increase spending on social media from its current level of an average of 7.1 percent of their overall marketing budget to an average of 10.1 percent over the next year. It's expected that this number will rise to 17.5 percent by 2016.
This increase in spending may be in part due to the fact that most surveyed marketers said they have a long road ahead of them in integrating social media into their overall marketing strategy. On a scale of one to seven, with one being “not integrated at all” and seven being “very integrated,” 22.3 percent selected "one" to describe how well their company’s social media efforts are integrated with their overall marketing strategy.
Marketing budgets are expected to see more spending across the board, with an average increase of 9.1 percent, according to the survey. Respondents are also planning a 7.2 percent increase in marketing hires over the next 12 months, up from 6.2 percent in February.
“Social media is fast becoming an important strategic weapon in company arsenals and has proven to be a valuable tool in acquiring and engaging customers," said Christine Moorman, director of The CMO Survey, in a Duke University press release. "Going forward, companies which most effectively deploy social media will be best positioned to serve their client bases, particularly as digitally savvy customers assume a greater percentage of buying power.”