Social Media is growing like crazy. Need some data to help prove it in your organization? There have been several studies projecting social media spending. Let’s take a look at 3 recent reports that show businesses making a strong commitment to social media going forward.
In their annual survey of CMOs, the Duke Fuqua school looked at social media spending as a percent of total marketing budgets. Currently social media account for 6% of budgets, up from 4% 6 months ago. It’s a small piece of the pie today, but CMOs have big expectations for Social Media going forward. Respondents expect nearly 20% of their total marketing budget will allocated to social media in the next 5 years.
Looking more broadly at the market, Forrester projects social media marketing as the fastest growing interactive marketing category. Growing at a 34% CAGR and expected to go from a mear $716M in 2009 to $3.1B+ in 2014.
EConsultancy conducted a survey looking at budgets in 2010. They found that 86% of marketers plan to increase their social media budget in 2010 while only 1% plan to decrease their budget.
