How To Do With What You Got
Updated: Dec 4, 2019
The CMO Survey recently released its annual analysis of marketing spend by industry, sector, and customer served. It's great reading but in the spirit of saving you time, most companies dedicate between 7 and 12 percent of their revenues to marketing on average. Some spend more, some spend less, but for the past three years the amount money dedicated to marketing as a proportion of revenue by the average American firm is largely unchanged. So what? Everyone in business has to do more with less. More bang for the buck. More juice for the squeeze. More bounce for the ounce?
More. Keeping your current customers is cheaper than acquiring new ones. Improving your margins with better packaging or smarter pricing, helps you meet customer needs. Most companies aren't getting more money for marketing this year (and probably not next year). You've got to do with what you got.