Survey predicts strong growth in digital marketing spend
- A survey of 288 CMOs says that mobile advertising will nearly triple to account for 9% of brands’ budgets by 2018, up from 3.2% today.
- The Duke University study reports that spending on data analytics will also grow from 6.4% of marketing budgets to 11.7% by 2018.
- Spending in social media is expected to grow to 22.4% of ad budgets in the next five years, up from 9.9%.
A new survey released by Duke University’s Fuqua School of Business says that the digital revolution will maintain strong growth, with overall digital spending expected to increase 14.7% in the next year alone. Spending on traditional advertising will ease 1.1% in the same period, the nearly 300 CMOs surveyed say, but overall marketing budgets will grow a substantial 8.7%.
The next five years will see strong growth in mobile and social media spend, the survey says, with each taking up much larger shares of companies’ marketing budgets. But marketers are under pressure to measure the effectiveness of social media, and only 13% of those surveyed claim to be able to do so; data analytics will soon consume more marketing dollars as a result.