According to a hot off the press Gartner Group study, marketing budgets are continuing to rise; growing from 11 percent of company revenue in 2015 to 12 percent in 2016.
The findings pulled from Gartner’s “2016-2017 Chief Marketing Officer (CMO) Spend Survey” reflect marketing’s amazingly rapid metamorphosis from what was primarily a promotional role to a one that now often serves as the growth engine for business.
Gartner’s study indicates that the increase in budget reflects the need for marketing to have the technology budget (now incredibly approaching the level of the CIO’s technology spend) to drive the critical customer-facing, revenue-generating systems and applications that marketing now owns.
For those of us immersed in the new marketing world this may not be a surprise, nonetheless, it’s exhilarating to see the hard proof of marketing’s ever-growing importance.
However, with our greater role comes greater challenges. In support of these efforts, what we are seeing amongst our customers and prospective customers is an insatiable and critical need to fund the analytics, customer intelligence and deep learning that, in turn, provide the insights to drive marketing’s new growth engines.
Of course, the never-ending cycle of using analytics, customer intelligence, and insights that drive this engine isn’t easy, which is why we formed DataXylo. Many marketing organizations get bogged down in the process and no one is perfect. But, at this point in time, it would be hard to find a more exciting or rewarding place to be in the business world.
Do you agree? Let us know, and please feel free to share your personal marketing journey.