Marketing Budgets on The Rise. Sign of Economic Recovery, or Head Fake?
Although this growth is significant, many organizations are simply growing back to normal, recapturing some of the budget cuts over the past 2 years.
In looking at the allocation of spending increases, it should come as no surprise that Internet Marketing spending is expected to increase the most, with 13.6% annual growth expected. This is followed by growth in spending on new product introductions (9.1%), new service introductions (7.2%), customer relationship management (8.3%) and brand building (8.3%). On the decline, with negative growth of 2.5%, is traditional advertising spending.
A look at Social Media spending reveals that marketers expect to spend 9.9% of their budget on social media over past 12 months, that this is expected to almost double in next five years, to 17.7% of total marketing budget. These social spending estimates are up 30% from surveys a year ago.
A summary of the results can be found at: http://www.cmo.com/budgeting/new-cmo-survey-reports-marketing-spending-rise?elq_mid=95&elq_cid=622&cmpid=NR51