We are bringing you news and highlights from the inaugural 2024 Gartner Marketing Symposium/Xpo, taking place this week in London, U.K. Below is a collection of the key announcements and insights coming out of the conference.
On Day 1, we are highlighting the Gartner Opening Keynote, findings from the annual CMO Spend Survey and how to deliver on the promise of GenAI augmented marketing. Be sure to check this page throughout the day for updates.
Presented by Matt Moorut, Senior Director Analyst, and Kristina LaRocca-Cerrone, Senior Director, Advisory, Gartner
CMOs are tasked with achieving ambitious growth targets while navigating external disruptions, from GenAI to changing consumer habits. In the Opening Keynote at Gartner Marketing Symposium/Xpo, Matt Moorut, Senior Director Analyst at Gartner, and Kristina LaRocca-Cerrone, Senior Director, Advisory at Gartner, discussed the disruptions shaping the future of the marketing function, and how CMOs can transform it.
“Marketing leaders have faced wave after wave of disruption. Globalization, nanotechnology, and AI have created the conditions for more change.”
“A marketing function designed to direct disruption needs to learn to coexist with GenAI. CMOs need to tackle the technology and talent interdependencies that AI brings.”
“Marketers spend 17% more time cross-functionally collaborating than non-marketers. Cross-functional work is plagued by ‘collaboration drag’: too many meetings, too many processes, too much feedback.”
“To lead marketing through disruptions, CMOs need to reassert marketing’s value to the business. Marketing’s value add is differentiation: its ability to create brand value and narratives, and its power to create differentiated customer engagement.”
“CMOs must move beyond just holding firm in the face of disruptions. It’s time to make a purposeful move forward to truly power the marketing function’s evolution into the next decade.”
Presented by Ewan McIntyre, VP Analyst, Gartner
After several consecutive years of squeezed budgets post-pandemic, CMOs are living in an “era of less”. In his session, Ewan McIntyre, VP Analyst at Gartner, discussed the latest findings from the 2024 Gartner CMO Spend Survey, including key budget takeaways, and what CMOs can do to maximize growth despite falling budgets, rising costs and external disruptions.
“CMOs face three key strategic and budgetary hurdles: inflation (31%), digital ROI (25%) and interest rates (23%).”
“There is a light at the end of the tunnel: AI. CMOs can harness AI to accelerate growth, compensating for lower resources. While topline budget looks worse, AI can drive new efficiencies and productivity.”
2024 Marketing Channel Trends: “Digital is taking a growing share of budgets, with 57.1% of budgets in 2024. Search dominates the channel mix (13.6% of budget), followed by social advertising (12.2%) and digital display advertising (10.7%).”
“For offline channels, events (17.1% of budget) and sponsorship (16.4%) dominate the lion’s share of spend, but spend and impact isn’t always aligned.”
Presented by Nicole Greene, VP Analyst, Gartner
Generative AI is transforming the marketing function, but while CMOs are beginning to adopt AI into their function, many lack a clear strategic direction for its implementation. In her session, Nicole Greene, VP Analyst at Gartner, discussed how CMOs can educate their organization’s leadership, inspire their team and activate their strategy to deliver on the promise of GenAI augmented marketing.
“CMOs are excited to implement GenAI, but many feel unclear about how to build out their AI strategy.”
“Seventy-one percent of functional leaders say the push for GenAI is coming from the top: CEOs, the C-Suite or a steering committee. The C-Suite is on-board, and expectations are growing.”
“CMOs must monitor six key factors: the board, employees, regulation, investors, market acceleration and consumers.”
“CMOs must inspire their teams, using proven use cases to deliver on the promise of GenAI augmented marketing.”
That's all for today! Check back tomorrow for highlights from Day 2 of Gartner Marketing Symposium/Xpo.
Gartner, Inc. (NYSE: IT) delivers actionable, objective insight that drives smarter decisions and stronger performance on an organization’s mission-critical priorities. To learn more, visit gartner.com.
Elizabeth Bishop
Gartner
elizabeth.bishop@gartner.com
Jordan Brackenbury
Gartner
jordan.brackenbury@gartner.com
