CMOs reallocate budgets, concentrating dollars on digital
- Duke University's Fuqua School of Business conducted a survey on CMO spending that found marketing budgets are shifting to social media, mobile and analytics.
- Spending on digital marketing is expected to increase 12.2% over the next year.
- Meanwhile, spending on the social media channel averages just under 11% of current budgets and is expected to grow to 14% over the next year.
Duke's biannual CMO report is based on an online survey of 288 senior U.S. B2B and B2C marketing executives. The most recent findings suggest budgets for the social media and mobile marketing channels, as well as analytics, are expected to surge. Overall digital marketing spending is set to rise more than 12% over the next year, and social media is expected to rise from 10.7% to 14% over the same timeframe even though marketers are having problems proving return on investment for the channel. Analytics spending is expected to grow from 6.7% of marketing budgets to more than 11% within three years.
And now, CMOs have a group to turn to for finding vendors with whom to spend those newly released budget dollars – the CMO Club, which is comprised of some 700 marketing executives, launched a "vendor rating program" to share vendor and agency experiences covering 18 product and service categories ranging from advertising to analytics.