Top marketing executives expect their budgets to grow by 8.7 percent in the next year, indicating their highest confidence in the market since 2012. That’s according to “The CMO Survey,” an annual report from Duke University’s Fuqua School of Business in Durham, North Carolina.
The 288 marketing executives who responded expect their spending on marketing analytics to almost double in the next three years, from 6.4 percent of their budgets to 11.7 percent. That’s true even though they report that they aren’t using all of the data they currently have.
Digital media will heavily influence their budgets over the next year, as these executives plan to decrease spending on traditional advertising by 1.1 percent and increase spending on digital marketing by 14.7 percent. Mobile marketing’s share of their budgets will nearly triple, from 3.2 percent to 9 percent, and social media’s share will more than double, from 9.9 percent to 22.4 percent. Even so, 13 percent report being unable to measure social media’s impact, a rating that has not improved over time.
“Integrating social media activities with the rest of the company’s marketing strategy remains a challenge,” says Christine Moorman, the survey’s director.
The survey’s complete results are available at www.cmosurvey.org