Here’s an interesting tidbit regarding social media, big data, and marketing: the projection for 2018 was that brands would be spending 20 percent of their marketing budgets on social media. Has that prediction held out? The fact is it hasn’t. The 2018 CMO survey indicates that brands are dedicating nearly 14 percent of their marketing budgets to social media. That’s an impressive figure compared to 2017 — it’s about 4 percentage points higher — but it’s a far cry from 20 percent.
Although the brands in the survey have not ramped up their social media marketing spend as much as expected, they have grown more confident with mining their own data. In the next two years, 70 percent of brands will increase their usage of online customer data, compared with an increase of 62.7 percent during the past two years. Conversely, about 2 percent of brands will decrease their use of third-party data over the next two years.
That could be result of an increasing confidence in marketing analytics. In 2017, 72 percent of marketing departments were investing in analytics, and they expected the amount of money they’re spending on analytics to see a 229 percent increase by 2020.
This expected increase in …