Companies are set to increase spending on social media, according to a new survey.

Discussing the results of The CMO Survey, Marketing Magazine said that social media spending will comprise just over 10 percent of companies’ total marketing spend in the coming year, up from its current total of 7.1 percent.

"The shift towards social media will be particularly pronounced in the business-to-consumer sector, with the tactic expected to increase from 10.5 percent to nearly a quarter (24 percent) of the total marketing budget within five years," according to Marketing Magazine.

The CMO Survey is a bi-annual survey—conducted in February and August—of 249 chief marketing officers in the U.S.

So, what is your firm doing? Is your boss still living in a bygone era of carrier pigeons and direct mail?

For more on the survey, click here.