Businesses across the United States will continue to spend more money on social media marketing as it offers new ways to interact with potential customers. According to a recent Duke University Fuqua School of Business CMO study, marketing departments currently spend 8.4 percent of their budgets on sites like Facebook, Twitter, LinkedIn and Pinterest. However, the 468 surveyed executives led researchers to project social media content spend will increase to 11.5 percent by the end of 2013. More, the study suggests social marketing will account for 21.6 percent of overall budgets in the next five years.
“Companies are searching for novel ways to interact with their customers that will drive the growth of their companies,” Christine Moorman, director of The CMO Survey, said in a press release.
The report found that B2C companies are most likely to increase their budgets by a significant margin, with Procter and Gamble and The Coca-Cola Company increasing budgets from 9.6 percent to 24.6 percent this year. ContentLEAD has reported on the evolution of social media marketing over the past few months. Understanding marketing best practices can help small business owners develop successful social campaigns that create engaging visual media when possible, and our social strategists work with companies to develop their engaging campaigns.