Surging Social Media Spending

Via FastCompany

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

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.