A recent Wunderkind survey, released in a report entitled The 2023 CMO State of the Union, shows change in marketing-budget redistribution in the coming year.
The survey of marketing executives shows a spectrum of increases and decreases, from 44% increasing their performance marketing budgets to 16% decreasing their social media marketing budgets.
“These findings highlight the rising support from CMOs and CFOs for allocating more resources toward performance marketing, driven by its potential for measurable results,” the report says. “Businesses can’t rely on just brand or performance marketing; they need both to achieve success. And while they are different practices, when used together they share the same goal: to create individual, tailored experiences that resonate with their target audiences while improving customer loyalty and driving business growth to beat the competition.”