©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
CMOs continue to project big increases in social media spending in the next 5 years, according to [pdf] findings from Duke University’s Fuqua School of Business, which released its latest CMO Survey in August 2012. The survey finds that social media currently makes up an average of 7.6% of respondents’ total marketing budgets, up from 7.4% in February. That share is expected to jump by more than 40% in the next year to 10.7%, and to more than double to 18.8% in the next 5 years.
Although these projections are slightly down from February’s expectations (10.8% in the next 12 months; 19.8% in the next 5 years), they still represent a strong inclination that CMOs are ready to increase their social media efforts. A recent survey of 100 CMO Club members by Bazaarvoice found that slightly more than 3 in 4 are at least somewhat confident that their social efforts are having a measurable impact on sales.