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Marketing Budgets Spiral Toward Social

Nearly one-fifth of marketing dollars will go to social in five years

March 2, 2010

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.

Percent of Marketing Budget Spent on Social Media According to US Marketers, August 2009 & February 2010 (% of total)

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.

Social Media Marketing Spending by US B2B and B2C Marketers, August 2009 & February 2010 (% of total)

Notably, spending plans for every sector were higher in February 2010 than they had been just six months earlier.

Growing B2B spending on social media lines up with the general goals of B2B marketers: customer relationship management and brand-building, which respondents claim will be the highest growth areas in the next year. Social marketing, with its strength in boosting brand engagement and loyalty, is an effective medium for both purposes.

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Check out today’s other article, “iPhone Users Get Health Help.”


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