Shortly after publishing my blog yesterday, I came across more evidence of the growing importance of Social Media in Marketing in a Brian Solis blog (highly recommended reading).
The blog references the CMO Survey done by Duke University and the American Marketing Association. Link for highlights presentation.
First, some overall trends from this survey of 4,336 top marketers at Fortune 1000 and Forbes 200 companies:
- Overall marketing budgets are projected to rise by 5.9%
- Internet marketing is projected to rise by 12%
- Traditional advertising spending is negative. Down 2.5%
- Within one year social media will be 10% of marketing budgets. It will be nearly 18% in five years.
This is in line with the trends I have seen from other sources, but puts specific numbers on the trends. The survey shows how the projected growth in social media marketing has increased between survey periods
Last night, I was at a mixer for new MBA students at the University of San Francisco. There were a lot of questions about where and how much hiring there will be for marketing people. First, the overall trends are very positive.
- In the next 6 months, new hires will be up 8.2% over last year.
- Next year, they will be up 12.9%
- In the next two years, they will be up 24.1%
The survey says that hiring companies will hire for experience more than for than for people from universities. That means that doing real-world work is critical. The top skills listed for marketing hires are strongly focused on Internet marketing, Growth, CRM and Brand Management.
Finally, a good number of firms said that they would be outsourcing marketing functions. The survey suspects that a lot of this will be for Internet Marketing skills that they may not have in-house. That means that there will also be a great deal of opportunity for jobs with smaller services companies that provide outsourced marketing functions to larger organizations.
The survey is being given again in August 2010. I will be very interested to see if the current CMO optimism holds up in the changing economic conditions.