There is a glaring problem about marketing, and it's not in the topic or peoples curiosity for how much marketing is. But it's how people are seeing the purchasing of marketing services for their business. They see it as a cost or something that needs to be budgeted out. A budget implies spending money without its return. You budget for grocery shopping or a renovation. You do not budget for your marketing. You invest. We say investment because the goal is to get you a higher Return On Investment (ROI). By investing in marketing, you will be gaining business which in turn gets you your money back, (and then some).
Do You Need Marketing?
Whether you’re an up and coming entrepreneur or a vet in the industry, your marketing investment is paramount to your success. It’s easy to get caught up in the excitement of building and developing a fantastic new product or service. Just don't forget that you've got to put some time into getting people to see these awesome things.
If your target customers don’t know about your product, then how are you supposed to close sales? Brand awareness and exposure are more significant than ever before.
You need marketing to get yourself out in front of the people who want your product or services, a marketing team knows how to get you to that spot. A well-trained marketing team can get you there quicker and more successfully than your competitors.
How Much Should I Invest?
Mediocre marketing is a disservice to high-value products. We know you’ve invested countless hours into your production and development. Why not introduce it with the equally sophisticated promotional campaign that it deserves? Invest in your product's promotion with the same intentions you had when you invested in its production. By setting aside the appropriate amount of funds for your marketing investment, you can make more strategic marketing choices. A solid marketing team can set you apart from the rest and facilitate consumer relationships.
What some businesses do is dedicate about 5% of their funds to marketing, others say that doubling this to 10-12%, is an ideal amount to invest. More money, more options. In the end, your marketing team should work hard to get you the best bang for your buck, no matter what you end up investing.
Is It Worth It?
Some people may think skimping on your marketing investment is a good way to save a dollar for pocket, production, or development. In the long run, though, you might just be sabotaging your long-term goals. Go the extra mile, and find out what your competitors aren't doing yet and put your money where it will really make a difference for your company. A commitment and investment to your marketing can make the difference between an okay sales year and the best sales year ever.
Bottom line? A Marketing investment transformation equals industry domination.
Let us know if you have any specific questions regarding your business or marketing in your industry. We would be happy to offer assistance!
Sources: https://www.referralcandy.com/blog/nike-marketing-strategy/, https://martinroll.com/resources/articles/strategy/secret-starbucks-brand-success/,http://www.annexcloud.com/blog/2016/01/28/ubers-marketing-strategy-in-7-steps/,https://www.entrepreneur.com/article/294050