A recent survey by Gartner looked into the mindset of CMOs in a challenging economy.
The report found that while many marketers are facing pressure to cut costs, there are still areas of growth, such as social ad spend.
About 75% of CMOs feel the need to achieve profitable growth by doing more with fewer resources, leading 86% of them to make significant changes.
Marketing budgets have also become smaller, representing 9.1% of company revenue in 2023 compared to 9.5% in 2022.
Despite this, more than half of CMOs (53%) plan to increase their spending on social media, while 26% are reducing investment in search advertising.
The survey also revealed that CMOs in the financial services sector are facing the largest budget declines. To navigate these challenges, CMOs are looking to increase investment in technology while reducing labor costs.