Marketing budgets are in a massive state of flux. Blame it on the lingering fallout from the pandemic.
Since 2012 when I first worked on Gartner’s marketing budget surveys, there hasn’t been such a seismic change in marketing programs and plans. Gartner’s Annual CMO Spend Survey found that marketing budgets as a proportion of company revenue went from 11% in 2020 to 6.4% in 2021.
Businesses are getting back on track. CMOs now face a burden to convince the chief financial officer and others in the C-suite to maintain or increase budgets. Even when they win back funds, CMOs must reassess their mix of spending – much like an investor who needs to rebalance their financial portfolio.
For many, it’s been a devastating experience. Marketing budgets, in travel and healthcare, were slashed to preserve cash. In retail, marketing budgets were reallocated to improve customer experiences, such as online ordering and curbside pickups. Some consumer products manufacturers paused media campaigns when demand exceeded supply. In financial services, lenders could not keep pace with loan applications.
If you’re keen to learn how marketing budgets in both B2C and B2B organizations have changed and what that might mean for your plans, sign up to attend Gartner’s complimentary webinar. “Gartner CMO Spend Survey 2021: Reprioritize Spending to Fuel Post-Pandemic Growth,” will be led by Ewan McIntrye, vice president, analyst in Gartner’s marketing research practice. It takes place July 14, 2021 at 10 a.m. EDT / 7 a.m. PDT.
Gartner clients can access additional resources from the report, “The State Of Marketing Budgets In 2021: Insights From Gartner’s Annual CMO Spend Survey.”
Not a Gartner client? You can access additional insights in “The State Of Marketing Budgets 2021: Insights From Gartner’s Annual CMO Spend Survey Report.”