Durham, N.C.—Social media spending as a percent of total marketing budgets will nearly triple over the next five years, according to a survey by Duke University's Fuqua School of Business.
“The CMO Survey” was based on an online survey of 468 CMOs in the U.S., conducted in the fourth quarter.
According to the survey, social media spending as a share of total marketing budgets will increase from 8.4% this year to 21.6% in five years.
One of the biggest challenges for CMOs is integrating social media into a company's overall strategy, the survey found.
Just 9.9% percent of CMOs said social media is “very integrated” into the firm's strategy, while 15.2% said it is not integrated at all.