A new survey by Duke University indicates Chief Marketing Officers are planning to nearly triple the share of Social Media spend in their overall marketing budgets over the next five years. Social Media marketing’s share is expected to grow from the current 8.4 %, to 11.5% in the next 12 months and to 21.6% in the next 5 years. Despite of the expected exponential growth in that space, most companies continue to face significant challenges in effectively integrating their Social Media marketing efforts within their overall marketing strategy.
One of the key problems is getting tangible metrics on the direct effect of social media on their bottom line. CMOs spend increasing amount of money on marketing analytics, but dedicate insufficient resources on how to best use marketing analytics in decision making and strategy definition. Only about 30% of projects and strategies are currently leveraging marketing analytics data, according to the survey.
More details on the last CMO survey along with a video summary of the key findings by Christine Moorman, the Director of The CMO Survey® and a Sr. Professor of Business Administration at Duke University is available here.