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Social media spending to outpace other interactive channels, Forrester says

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Orlando, Fla.—Social media spending in the U.S. will increase from $716 million this year to more than $3.1 billion in 2014, a 34% compound annual growth rate, according to a forecast from Forrester Research released this week at the Forrester Research Marketing Forum.

Social media spending will grow faster than spending in other interactive marketing channels, which will grow at a 17% CAGR, according to Forrester. “For consumer-facing companies, that means tapping into consumers’ increasing expectation that they will participate with your brand. For b-to-b firms, it means leveraging the power of innovative customers who are increasingly engaging with their peers to solve their problems,” Christine Overby, Forrester Research VP-research director, said in a statement.

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