CMOs continue to have concerns about the reliability of social measurement. Only 15% of marketers surveyed believe they currently have the proper tools to prove the effectiveness of social media according to a survey of 255 chief marketing officers by Duke University’s Fuqua School of Business.
Despite these concerns, marketers expect to allot 23.8% of their budgets for social media over the next five years. According to Christine Moorman, a professor at Duke University’s Fuqua School of Business, and the Director of The CMO Survey, “Closing the measurement gap is an area that companies must address if they are going to move social media into the canon of marketing strategies.”
Among the factors contributing to these concerns: most advertisers are still in the learning phase, and nearly a quarter of social media activities are being performed by outside agencies.
Additional findings from this study:
-Social media spending is currently 10.7% of marketing budgets.
-Marketers rank their integration of social media in the overall marketing plan at 4.2 on a 1-to-7 scale.
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