To expand its budgetary reach and become a beneficiary of data, tech, and digital development initiatives, marketing must be involved from the beginning of digital transformation projects.
Marketing b
udgets are under immense pressure and scrutinized during times of business uncertainty, leaving marketing teams scurrying to alter their plans to accommodate for shrinkage while still delivering the revenue growth the business requires.
Marketing budget cuts
Aside from the obvious financial constraints caused by the global economic downturn, a number of other issues are contributing to cuts in marketing budgets.
Also Read: Imperative of an Omnichannel Approach for Excellent CX
Depletion of skilled digital marketers
Marketing budgets are being depleted in more ways than one. It’s also the loss of highly experienced digital marketing expertise, which is being repurposed for large-scale digital transformation initiatives that are a top priority for CEOs and CIOs – and a promising career path for ambitious marketing executives.
Key aspects to focus on
CMOs must refocus their brand and marketing strategies on acquiring longer-term consumer value rather than on creative endeavors that are unlikely to result in growth. They must also examine the entire consumer buying funnel, from top to bottom, in order to discover performance enhancements that will result in a higher return on investment.
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Full Article: https://talkcmo.com/featured/how-cmos-can-optimize-their-organizations-digital-marketing-budget/
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