Fuqua school of Business under Duke University has the Chief Marketing Officer (CMO) survey conducted twice a year since 2008. The most recent survey publication highlights the latest trends in the application, importance, and measurement of the social media marketing. The outlook of the social media marketing is standardized from Fortune 1000 companies. A few takeaways have brightened up the marketing through social media. CMO survey had been conducted with the help of data collected from the 468 B2B and B2C marketers.
Rise of fund in Social Media Marketing
The studies conducted in the field clearly show a steady rise in the amount to be spent by companies for social media marketing in the next 5 years. Currently the Fortune 1000 companies have admitted to be spending about 8.4 percent of the total marketing budget on this. The survey indicates that the amount will rise to a whopping 21.6 percent for the coming years. It seems to be a significant change in the marketing arena. This mirrors the positive impact of the social media in this field. It is surely bound to reduce the marketing effort and provide a high yield to the companies.
Current status of social media marketing
Most of the CMOs have agreed with the survey that their current efforts in social media marketing are not properly integrated with the other marketing efforts. If it is scaled from one to seven, the average integration score of social media marketing effort will be 3.8, with one being the least and seven being the most. The average integration score seem to be stable for past four years. This score also indicates that the CMOs are spending more on the marketing effort strategically. CMOs need to be decisive in their marketing effort.
Tools for Social Media Marketing
Instead of using the common measurements like revenue per customer, CMOs are looking forward to include social media monitoring tools. These tools can be used for measuring the success which has evolved as the result of social media marketing. The detailed tools monitor the social media performances such as audience size and conversion rate.
A precise overview of the marketing trends can be observed from this bi-annual survey. The social media marketing will be a part of the Fortune 1000 companies soon. Great benefits can be achieved in the future on implementing this strategy.