CMOs continue to project big increases in social media spending in the next 5 years, according to findings from Duke University’s Fuqua School of Business, which released its latest CMO Survey in August 2012. The survey finds that social media currently makes up an average of 7.6% of respondents’ total marketing budgets, up from 7.4% in February. That share is expected to jump by more than 40% in the next year to 10.7%, and to more than double to 18.8% in the next 5 years.
Although these projections are slightly down from February’s expectations (10.8% in the next 12 months; 19.8% in the next 5 years), they still represent a strong inclination that CMOs are ready to increase their social media efforts. A recent survey of 100 CMO Club members by Bazaarvoice found that slightly more than 3 in 4 are at least somewhat confident that their social efforts are having a measurable impact on sales. Read the rest at MarketingCharts.