Social, mobile and marketing analytics are getting more marketing dollars, but they still present challenges in proving their worth, according to the CMO Survey, conducted by Duke University's Fuqua School of Business.
The report, based on an online survey of 288 senior U.S. marketing executives at business-to-consumer and business-to-business companies, gauges CMO expectations on budgeting, hiring and the economy and is conducted twice a year.
The latest survey showed an increase in marketer optimism, which in turn is spurring spending. For example, the survey found that spending on digital marketing is expected to increase 12.2% over the next year, with some of the largest growth being seen in social, mobile and data analytics.
Social media is expected to grow from an average 10.7% of marketing budgets to 14% of budgets over the next 12 months, the survey found, and will climb to 23.8% in five years. Mobile marketing is also on the rise, from 6.0% of marketing budgets currently to 15.6% in the next three years, according to the survey.
Meanwhile, marketing analytics, now at 6.7% of the total marketing budget, is expected to grow to 11.1% in three years. But only 22.8% of b-to-b company projects use marketing analytics, compared to 46.5% at b-to-c companies.
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