Durham, N.C.—Nearly half of CMOs have not been able to prove the impact of social media on their business, according to Duke University's CMO Survey.
The study was based on an online poll of 410 CMOs, conducted by Duke's Fuqua School of Business from July 16 through Aug. 6.
It found that 49.2% of CMOs have not been able to measure the quantitative impact of social media on their business; 35.8% said they have a good sense of the qualitative impact of social media; and 15.0% have been able to show quantitative results.
Despite the lack of results, marketers are expected to increase the percentage of their marketing budgets spent on social media from 6.6% this year to 15.8% in five years, according to the survey. Also, 66.4% of CMOs said they feel pressure from their CEO or board to prove the value of marketing, and 60.1% said the pressure is increasing.