‘Marketing is purchasing significant marketing-related technology and services from their own capital and expense budgets – both outside the control of the internal IT organisation and in conjunction with them.’
Marketing tech budgets are on track to exceed the amount of money CIOs spend on technology in the coming year, according to the latest research from Gartner.
“A CMO’s budget is OPEX (operating expense), not CAPEX (capital expense),” Garg says. “In most companies, a CMO can write a million-dollar OPEX commitment in a heartbeat.”
In the latest research, Gartner also found that larger sized companies spend an average of 13% of their annual revenue on marketing tech while smaller businesses spend an average of 10%, according to Gartner.
Marketing tech is now directly responsible for growth in the enterprise, according to Gartner.