Marketing budgets set to increase for third year running
Marketing budgets are set to rise for the third consecutive year to 12% of company revenue, according to research by Gartner.
Already up from 2015’s 11%, the study found that 57% of marketing leaders predict their budgets will increase again in 2017.
Just 14% of the 377 marketers surveyed indicated that they are bracing for budget cuts.
Jake Sorofman, research VP at Gartner, explained why this may be the case: "Marketing is now responsible for critical customer-facing, revenue-generating systems and applications.
"As the marketing leaders' mandate broadens, we are seeing the CMOs' marketing tech spending approach the levels of the CIOs' technology spend."
Clearly, budgets have increased in line with the demand on CMOs’ resources.
The increased necessity of digital activity is clear: Gartner found that the top three marketing spend areas this year have been web, digital commerce, and digital advertising.