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A survey of more than four hundred marketing professionals by research and analytics firm Gartner identifies limited budgets as the main reason their strategies cannot be developed properly.
A survey of more than four hundred marketing professionals by research and analytics firm Gartner identifies limited budgets as the main reason their strategies cannot be developed properly.
Research and analytics agency Gartner surveyed 410 chief marketing officers and other marketing professionals in March and April. They came from North America as well as Northern and Western Europe. The results have now been processed. 71 percent of respondents said the strategies could not be properly implemented in 2023 due to insufficient budgets.
An average marketing budget for 2023 is 9.1 percent of company sales. That’s still down from 9.5 percent last year.
Three-quarters of CMOs surveyed are increasingly having to do more with fewer resources and say they are under pressure to actively reduce spending on marketing technology. This should lead to a higher ROI for companies. However, the biggest increase in marketing investments by CMOs is in technology, according to Gartner.
According to Gartner’s Ewan McIntyre, the lure of new technologies like AI is simply too great for marketers. This creates the illusion that more technology is always better. Often part of it remains unused, but is paid off.
For this reason, 86 percent now need to significantly change their role as marketers, the report says. McIntyre points out that in 2023, marketing professionals will need to think much more business-oriented and not just from a brand perspective.
Where do the budgets go for marketers to work with? The quartet that will cost the most budget in 2023 looks like this in the report:
The three aspects CMOs are likely to spend more on when it comes to digital channels are all part of paid media:
Search engine advertising would be cut back the most.
McIntyre’s conclusion is that marketers simply need to pay more attention to growth, sales and income.
According to Gartner, global IT investments will exceed $5 trillion by 2024. This emerges from another report by the agency. The target of much of this investment is undoubtedly the top ten strategic technology trends for 2024 that Gartner published earlier this week.
Source: IT Daily
As an experienced journalist and author, Mary has been reporting on the latest news and trends for over 5 years. With a passion for uncovering the stories behind the headlines, Mary has earned a reputation as a trusted voice in the world of journalism. Her writing style is insightful, engaging and thought-provoking, as she takes a deep dive into the most pressing issues of our time.
