Over the next several years, social media spending will become a bigger percentage of companies’ overall marketing budgets. Yet CMOs report there are still challenges when it comes to integrating social media into their overall business strategies.

The American Marketing Association and Duke University’s Fuqua School of Business surveyed more than 400 top marketers for the February 2011 CMO Survey. They reported that over the next 12 months, social media spending will jump to 9.8% of marketing budgets, up from the current level of 5.6%. In the next five years, that percentage will increase to 18.1%.

Service companies are planning the biggest increases, as both B2B and B2C service companies have a higher percentage of their budgets set aside for social media than their product-focused counterparts. They also plan to have bigger percentages looking ahead both 12 months and five years.

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