Social marketing budgets are constantly going up, according to “The CMO Survey” from Duke University’s Fuqua School of Business and the American Marketing Association (AMA).
Marketers were already planning on upping spend in August 2009. They have continued to increase outlays since then, with respondents in February 2010 claiming they will devote nearly one-fifth of their marketing budgets to social media in the next five years.
Looking across sectors, business-to-business (B2B) spending is nearly in line with business-to-consumer (B2C), except in the lagging B2B products category. While B2C services were behind the game in August 2009, spending in that area has caught up and will remain in line with other outlays for the next several years. B2B product marketers will remain behind the curve over the next five years.
Notably, spending plans for every sector were higher in February 2010 than they had been just six months earlier: