Up, up, and away. That’s the latest takeaway from a new Gartner study.
Marketing budgets are continuing to rise, according to a survey of marketing executives by the research firm.
The survey showed that marketing budgets increased to 12 percent of company revenue in 2016, from 11 percent in 2015. Fifty-seven percent of marketing leaders surveyed expect their budgets will increase further in 2017.
However, 14 percent of marketers say they are bracing for budget cuts, up from 3 percent just two years ago.
The findings form part of Gartner’s “2016-2017 Chief Marketing Officer (CMO) Spend Survey” that included responses from 377 marketers at companies with more than $250 million in annual revenue in North America and the U.K. The survey took place in July and August 2016 and marks the fifth year that Gartner has surveyed marketers on spending priorities and marketing operations.
“Marketing is now responsible for critical customer-facing, revenue-generating systems and applications,” said Jake Sorofman, research vice president at Gartner. “As the marketing leaders’ mandate broadens, we are seeing the CMOs’ marketing tech spending approach the levels of the CIOs’ technology spend.”
To learn more about the survey and its findings, click here.