Every marketer wants to be innovative, but few marketing orgs have the confidence to execute with ease. With higher goals and expectations from management each year, marketers are being given more money to invest in innovation. However that innovation budget comes with a fair mount of trepidation.
According to Gartner, CMOs indicate that 16% of their budgets are now allocated to innovation, and 63% anticipate that number to rise in the next year. More than 9% of those CMOs feel that marketing innovation will be vital to the delivery of their company’s marketing strategy over the next 18 months, and while marketing leaders surveyed scored themselves an average of 2.2 (out of 5) for their innovation maturity, they aspire to be a 4.3.
Our own Jason Wolfson, a marketing and startup vet, sat down with Magid to deliver the cold, hard truth – that tech companies must prove inherent value for marketers to justify their innovation budget. If a tech company does their job, marketers look like heroes, and those innovation budgets will soar.