We’re all feeling this one, aren’t we?
Let’s look at the numbers: Based on a survey of 395 CMOs, marketing budgets make up just 7.7% of overall company revenues on average in 2024.
That’s a drop from the 9.1% in 2023. Before that, pre-pandemic averages were 11%. Ouch.
What’s getting cut out: Marketing technology, labor, and agencies, mostly.
Not surprisingly, 64% of marketing leaders feel they lack the resources to carry out their 2024 strategies effectively.
What’s staying in: Paid media—it makes up just under 28% of most marketing budgets.
Of paid media spending, it seems 57.1% of marketing budgets are going towards digital media like search, social media advertising, and display ads, compared to 54.9% in 2023.
AI to the rescue? Also, CMOs are hoping AI can help boost creativity and reduce money constraints.
The takeaway: 395 people isn’t a huge sample, but it is significant.
If you’re working with a much smaller budget than previous years, these insights might give you a sense of how to allocate it.
