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Episode 4: Working from home used to be a perk. Now it’s a way of life. The way we shop changed so quickly, so thoroughly, that many retailers were caught off guard, and technology in many cases wasn’t ready for the surge. Instead of a company-issued device hooked into a LAN, the network ecosystem became instead a diverse ecosystem of end points, corporate networks, home routers, and VPNs.
For security pros, this had the makings of a nightmare.
Even as CMOs’ 2020 marketing budgets were being slashed as a result of the COVID-19 pandemic, CMOs were hopeful that those budgets would bounce back in 2021. But Gartner’s just-released “CMO Spend Survey” tells a different story. Not only are budgets not bouncing back, but they have dropped to the lowest level in the history of the survey. Is there any good news for PSPs in here?
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While it isn’t surprising that the pandemic led to marketing dollars being cut in 2020, it seems that the trend isn’t about to be bucked anytime soon.
According to Gartner’s CMO Spend Survey, the proportion of company revenue allocated to marketing fell from an average of 11.0% in 2020 to just 6.4% in 2021 - the lowest proportion allocated to marketing in the history of Gartner’s CMO Spend Survey. Cuts impacted marketing budgets across all industries tracked in the survey, with no industry holding a budget of more than 9% of revenue in 2021.
CMOs in categories that were hit hard by the pandemic, such as travel and hospitality, faced significant belt-tightening. This is compared with budgets as a proportion of company revenue, which were down from over 10% to just 5.4% in 2020. Meanwhile, CMOs from consumer products companies reported the strongest 2021 marketing budgets at 8.3% of revenue. Still, that was a decrease from the prior year, showing that no industry was immune.