Marketing budgets are falling as a proportion of company revenue, according to a new study which suggests CMOs will be faced with some hard choices in 2018 as a result.

The 2017-2018 CMO Spend Survey, published by research business Gartner, was based on responses from 353 marketing executives in North America and the UK at companies with more than $250m in annual revenue.

This found that marketing budgets hit a plateau in 2017 after three years of growth, with budgets falling from 12.1% of company revenue in 2016 to 11.3% in 2017 – a return to 2015 levels.

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