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Marketing Budgets Continue to Plunge

Last year, marketing budgets faced cuts as the COVID-19 crisis took hold. Yet, despite the expectation that budgets would bounce back, the depressed levels have persisted into 2021. So reports Forbes.

arrow down icon 157360 1280Gartner’s CMO Strategic Priorities Survey 2020-2021 shows that the portion of firms’ revenue allocated to marketing fell from 11% in 2020 to only 6% this year, the lowest level in the history of the survey.

Factors contributing to depressed marketing budgets include CFOs seeking to maintain a lower cost base and CMOs showing they could do more with less last year.

Read the full article from Forbes.

 

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