CMO Survey: Spend On Social Media Is Up; Hiring Prospects Are Down
One of the most prominent business schools in the US, Duke’s Fuqua School of Business, and the American Marketing Association has delivered their second CMO Survey of 2010 and there are plenty of interesting findings.
On the social media front it looks like the CMO club either knows the right things to say or they are actually catching on to this whole social media thing.
One of the most appealing factors that many marketers point to is just how inexpensive social media can be (which is what we want them to believe since it really can cost quite a bit once they see what it takes!). That cost savings appeared to be coupled with a decrease in hiring for marketing positions as compared to the February numbers.
CMO’s as a whole tend to be the last ones to actually catch on to trends but the one they can certainly be at the front of the curve is on hiring. While it may be good news that social media spend is on the rise it’s definitely a bad indicator about the general condition of things when people are not being hired to perform marketing functions.
Think about it. Many of the new hires for companies should be in the kind of people who know social media which is a relatively new discipline. If hiring prospects are on the decline then that means that the MO of the CMO is to have current staff ‘learn’ these things. Sure people can learn but the curve is a long one and the mistakes that will inevitably be made will cost plenty.
The trouble is that people who have not learned social media by now either don’t want to, don’t see the value or just don’t have the time. If that’s the case then marketers are running the risk of spending more on social media but putting that spend in the hands of people who don’t know enough about it to maximize it. It’s the old adage of throwing good money after bad.
Ah yes, we get to see more results of the uninformed making decisions to sound informed. That is never a good combination is it?
So how do you see this confluence of factors? Do you see it differently than I do? If so let’s hear your informed opinion today. It’ll be good for all of us.