“Someone is sitting in the shade today because a tree was planted a long time ago.” - Warren Buffett

A new year is only a few months away. Now is the time to start thinking about your 2024 Marketing budget. This year, Gartner reported that average marketing budgets are about 9.1% of total company revenue. They also reported that 86% of marketers said they were being tasked with making significant changes to “how the marketing function works to achieve sustainable results.” For many companies, that means investing in growing their organization’s marketing capabilities and capacity through technology, headcount, and outside partnerships. Marketing technology made up 25.4% of the 2023 budget allocation, labor 24.6%, and agencies 23.3%.