Marketing Budget Priorities In A Post 2020 World

The Gartner’s annual CMO Spend and Strategy Survey that measures marketing budgets, spending, and priorities revealed that marketing budgets for 2022 were drastically better compared to the last few pandemic-riddled years. No surprise that during a time of uncertainty, marketing department budgets were slashed, but in 2022, all industries except for CPG reported an increase in spending. The 2022 Gartner Survey even showed “that three-out-of-four CMOs reported increased budgets” compared to 2021.

An increase of marketing spending means marketers will need to prioritize their goals and marketing budgets. They will also have to align with the C-Suite and company on their spending. 

Aligning with the C-Suite truly just comes down to communicating effectively. If you need more tips on building a stronger case for marketing, this blog outlines it well.  

If you already know what your budget looks like, but want to outline it, use our free Marketing Budget Template to help!

In interviews with marketing leaders and CMOs, we’ve discovered that marketers are interested in pursuing the following trends: 

1. Artificial intelligence

2. Video

3. Utilizing Content Creators

4. Augmented Reality Technology

5. Cloud Computing + Data

6. Digitization

7. Standing for Something 

8. Prioritizing Mental Health

9. Gamification + Experiences

10. The Metaverse

Read More: Top 10 Marketing Trends by Marketing Leaders 

The CMOs interviewed for the Gartner survey aligned with the interviews we conducted with marketing leaders. Many of them are prioritizing digitization, AI, and AR/VR. Many marketers are increasing their spending for AR or VR programs which, when integrated, can make a difference for the consumer’s purchasing experience. 

Advanced AI in chatbots that can hold a conversation can also produce a stronger relationship with the consumer. Surprisingly, although a COVID world led to a more digital landscape, marketers are spending an equal amount on both online and offline channels - prioritizing a multichannel, hybrid experience based on the consumer’s behavior. 

Gartner’s CMOs top 3 investments for 2022:

1. Campaign creation and management (10.1%)

2. Brand strategy (9.7%)

3. Marketing operations (9.6%)

Marketers are prioritizing who they are as a brand moving forward, but, in order to do that, they need to fill gaps. According to Gartner, “58% of CMOs report that their teams lack the capabilities needed to execute on their strategy.” A hefty percentage of CMOs also have gaps in marketing data, analytics, customer understanding and experience management, and MarTech. 

Advancement in marketing technology and analytics is how brands can better understand and fit the needs of their consumers, so it shouldn’t be brushed to the side, and most certainly should not be a challenge or “gap.” 

That’s possibly where we fit in. Setup acts as a connector between marketing agencies and brands, helping brands fill capability and expertise gaps with specialized agencies. We introduce brands to qualified, vetted agencies in our network. We also conduct Agency Searches across the nation including thorough interviews, and deliver qualified candidates to companies who want to level up. Sometimes an agency partner is cheaper and more effective than an in-house hire. 

If this sounds like something you need, read more about it: Helping Brands Find their Perfect Agency through Custom Marketing Agency Search 

As you’re determining your marketing budget, outline your goals for the year. Be sure those goals align with your consumer’s needs and are communicated to your C-Suite so that the spending aligns with the company’s vision. 

If there are gaps that need to be filled in order to attain your marketing and business goals, talk with us to see how we might help. It may be worth it and more.