Growth In Social Media Spending To Outpace Other Interactive Marketing Channels Over The Next Five Years
ORLANDO, Fla.--(BUSINESS WIRE)--Apr. 24, 2009--
Social technologies are enabling marketing professionals to engage in
low-cost, low-risk innovation during the current recession, according to
best practices shared among more than 600 attendees at the Forrester
Research Inc. (Nasdaq: FORR) Marketing
Forum this week in Orlando, Fla.
Marketing budgets are following the innovation trail — social media
spending in the US will grow from $716 million this year to more than
$3.1 billion in 2014, a 34 percent compound annual growth rate (CAGR).
That’s a significantly higher rate of growth than the future spending on
other interactive marketing channels. Overall, interactive marketing
spending in the US will grow from $25.5 billion in 2009 to nearly $55
billion in 2014, a 17 percent CAGR, according to a new Forrester
forecast previewed at the Marketing Forum. The forecast is part of a
larger Forrester report to be published later this spring.
“Marketers don’t need to start revolutions in order to innovate, they
need to solve problems,” said Forrester Research Vice President and
Research Director Christine
Overby. “For consumer-facing companies, that means tapping into
consumers’ increasing expectation that they will participate with your
brand; for B2B firms, it means leveraging the power of innovative
customers who are increasingly engaging with their peers to solve their
problems. Social technologies allow for accessible innovation where the
risks and costs are not as high, but the return is significant.”
Industry leaders who spoke at the Marketing
Rita Bargerhuff, Vice President of Marketing, 7-Eleven
Greg Clayman, Executive Vice President of Digital Distribution &
Business Development, MTV Networks
David Christopher, Chief Marketing Officer, AT&T Mobility & Consumer
Craig Dewar, Director of Community Marketing, Microsoft Business
Annis Lyles, Vice President, Media and Interactive, Coca-Cola North
David J. Reibstein, The William S. Woodside Professor and Professor of
Marketing, The Wharton School, University of Pennsylvania
Marty St. George, Senior Vice President, Marketing and Commercial
Strategy, JetBlue Airways
Erica Thompson, Vice President of CRM and Internet Strategy, PetSmart
David Verklin, Chief Executive Officer, Canoe Ventures
Attendees took part in nearly 300 one-on-one sessions with Forrester
analysts, peer networking, and a technology showcase where 35 sponsors —
including platinum sponsor Harte Hanks and gold sponsors Aprimo, Blast
Radius, Experian, Merkle, Organic, Responsys, and [x+1] — shared their
More than 115 Forrester Leadership Boards members met in Orlando, Fla.,
representing the CMO Group, the Customer Experience Council, the Direct
Marketing Council, the eBusiness Council, the Interactive Marketing
Council, the Market Research Council, and the Technology Marketing
Executive Council. More information on Forrester Leadership Boards is
available at: www.forrester.com/LeadershipBoards.
For more information about future Forrester Events, visit: www.forrester.com/events.
About Forrester Research
Forrester Research, Inc. (Nasdaq: FORR) is an independent research
company that provides pragmatic and forward-thinking advice to global
leaders in business and technology. Forrester works with professionals
in 19 key roles at major companies providing proprietary research,
consumer insight, consulting, events, and peer-to-peer executive
programs. For more than 25 years, Forrester has been making IT,
marketing, and technology industry leaders successful every day. For
more information, visit www.forrester.com.
© 2009, Forrester Research, Inc. All rights reserved. Forrester is a
trademark of Forrester Research, Inc.
Source: Forrester Research
Forrester Research, Inc.
Jon Symons, 617-613-6104