CMOs Blame Lack Of Budget As Limiting Ability To Executive Strategy
FutureCIO, Thursday, June 1,2023
A Gartner survey of 410 CMOs and marketing leaders noted that 71% blame a lack of the budget to fully execute their strategy in 2023.
The survey revealed that marketing budgets compose 9.1% of total company revenue in 2023, remaining relatively flat but still dipping slightly from the 9.5% reported in 2022 (see Figure 1).
'Suppressed budgets, increasing costs and lower productivity are squeezing CMOs' spending power,' said Ewan McIntyre, chief of research and VP Analyst in the Gartner Marketing practice. 'As volatility becomes the new normal, many CMOs are pricing disruption into their 2023 plans.'