Duke Survey: Social Media Marketing Spending On The Rise

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Maybe it’s because Ive worked in Advertising almost half my life (yikes just figured that out)… or because I spend more than half my day interacting on some sort of social media platform (including this blog) that I just dont get how any company that has a marketing strategy can overlook the power and value of social media. At least those who dont are upping their game and hopefully thinking of quality along with quantity.

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by Monica Chen

Marketing executives are planning to increase spending in social media in their overall marketing strategies, according to a new Duke University survey.

Chief marketing officers in the U.S. intend to increase social media spending from the current level of 7.1 percent of their overall marketing budget to 10.1 percent during the next year. They also expect to see this percentage increase to 17.5 percent in the next five years.

“Effective use of social media is no longer an option for companies — it is a requirement,” said Christine Moorman, professor of business administration at Duke’s Fuqua School of Business and the director of the CMO survey.

However, many U.S. companies still have not integrated social media into their overall marketing strategies. On a scale of one to seven, with one being “not integrated at all” and seven being “very integrated,” 16.9 percent selected “one.”

Overall, marketing budgets are expected to increase 9.1 percent and companies plan a 7.2 percent increase in marketing hires over the next 12 months.

via Duke survey: Social media marketing spending on the rise – Triangle Business Journal.

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