As marketers, we strongly believe that marketing drives revenue. And thus, we feel that marketing should not see budget cuts. With that in mind, we look at new 2021 research that shows marketing budgets on the downswing.
2021 Gartner Research: Marketing Budgets on the Downswing
For several years, Gartner has conducted an annual CMO spending survey. Unfortunately, the 2021 results are not promising from a marketing perspective.
This year’s survey polled 430 CMOs across North America and Europe. Specifically the U.S., Canada, the U.K., France, and Germany. These samples are from large organizations. Firms with an annual revenue of over $500 million. But most of the responses actually come from firms that sit above the $1 billion mark, in fact, a significant proportion of respondents generate revenue over $10 billion.
The survey looks at the top-line marketing budget. And divides that budget up via three different views. (1) Budget allocations across marketing’s major resources: people, media, agencies, and technology. (2) Budget divisions across major channels. (3) Programs and operational areas that marketing’s budget supports.
The 2021 survey provides details into the best way to benchmark your budget. And it provides insights into how other marketers budget. Which channels they allocate the marketing budget to. As well as how different industries distribute their marketing budgets.
To see report highlights regarding marketing budgets on the downswing, check out the Gartner infographic.
Then, click this link for the full report. [Note: A free login is required. Only enter your Email address.]