Marketing budgets looked very different for many CMOs at the beginning of 2020 than they do now. In fact, according to the Gartner CMO Spend Survey 2020, pre-COVID-19 marketing budgets held their ground year over year, making up 11% of overall company revenue. But following the COVID-19 outbreak, everything changed. More than 44% of CMOs reported midyear budget cuts as a result of the pandemic, and nearly 11% of that group expect their budgets to face cuts of more than 15%.
Despite this, an astonishing 73% of CMOs expect the negative impact of COVID-19 to be short-lived, with a positive outlook for business performance in the next 18-24 months. This optimism, however, is not shared by all members of the C-suite.