Among the interactive channels, the study finds social media and mobile marketing spending expanding between 2010 and 2014, with social media jumping by 34% on a compounded annual basis and mobile marketing increasing by 27%. Social media starts at $716 million in 2010, increasing to $3.11 billion by 2014. Mobile marketing expenditures stand at 319 million this year, and goes to $1.27 billion by 2014.
Shar VanBoskirk, Forrester analyst, says "Email marketing is having a banner year as marketers:
- Grow their lists with the promise of ‘green marketing'
- Turn on more and smarter programs to boost sluggish sales
- Shift money to email from direct mail
- Improve email effectiveness by linking it to other channels like search or user-generated ratings and reviews."
Among CMOs facing lower budgets:
- 19% said they cut branding and advertising because "I can't track its results"
- 26% said the same about their TV, print, radio or magazine expenditures
- 19% reduced their direct mail spending because it delivers the lowest ROI
In a glimpse into how marketing is viewed throughout a number of organizations, just over half of the CMOs see it as a revenue enhancer that needs to be supported. But 41% indicated marketing efforts are under increasing scrutiny from all levels of the company, and 18% are working in firms where marketing is seen as a cost center that needs to be cut.