Marketing Budgets Decrease to Lowest Levels, Digital Agencies Must Innovate, Says E-Web Marketing CEO Sam Shetty
Gartner CMO Spend Survey reveals the lowest proportion allocated to marketing in the history of Gartner’s Annual CMO Spend Survey. The survey asked 400 CMO's and marketing leaders across respondents in the US, Canada, France, Germany and the UK how they are prioritizing their marketing budgets in 2021 conducted from March through May.
Digital marketing agency E-Web Marketing CEO Sam Shetty says digital agencies need to innovate to meet the demands of the market, with tighter budgets and higher expectations to be expected.
"It's not unusual that when businesses feel the crunch, marketing budgets get cut first and restored last. Budget cuts from 2020 had many marketing experts expecting budgets to bounce back in 2021. This survey data from Gartner shows us that agencies like E-Web Marketing need to innovate and do more with less for our clients."
Since 1998, E-Web Marketing has helped Australian businesses navigate the digital marketing universe. In this time the only thing that has remained consistent is that the digital marketing industry is ever-changing and evolving.
"One of the things we have noticed is that businesses are making a commitment to digital and consumer facing channels that can be cheaper to market around compared to traditional media like TV," continues Sam Shetty.
Avi Dan, CEO of Avidan Strategies, explains the factors that lead to depressed marketing budgets: "CFOs now seek to maintain a lower cost base that spending cuts in marketing, alongside savings on real estate and travel costs, have yielded."
The digital transformation adds pressure to businesses concerns around budgets, strategy, operating model, and marketing technology. Brands may suffer in the long-term as marketing strategies shift from reach and branding to performance marketing focused on leads and revenue.
"At E-Web Marketing, our focus has been helping businesses undergo this digital transformation. Now is the perfect time for small businesses to invest in growth strategies such as SEO and drive more revenue from their digital presence."
Businesses that would like more information on the digital marketing services that E-Web Marketing has to offer can refer to the company’s website ewebmarketing.com.au
For more information about E-Web Marketing, contact the company here:
1300 785 122
Suite 701, South Tower, 1 Railway St, Chatswood NSW 2067