How CMOs can maximize their marketing budgets & prevent cuts
With marketing budgets in the financial services industry having decreased considerably, CMOs have had to be ruthless in choosing where to allocate their spending. An annual survey provides some insight into how the marketing mix is changing in the face of budget pressures, and a Gartner analyst shares some advice on what CMOs can do to avoid having their budgets be the target of cost-cutting again next year.
Long gone is the “era of plenty” for marketing budgets, with volatility becoming the new status quo.
According to chief marketing officers in the financial services industry, the marketing budget as a percentage of company revenue has dipped down to pandemic-era numbers, decreasing from 10.4% in 2022 to 7.5% in 2023.
Marketing budgets in other industries held relatively steady by comparison, Gartner’s annual survey of CMOs shows.
Financial services CMOs are being forced to do more with less, to an even greater degree than their counterparts in other industries. The question then becomes, how do they tackle these pressures they are facing?
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