How Much Should I Spend on Marketing? Easy. 5%.

But before you sign the cheque… Company owners can do some groundwork to help determine an accurate marketing spend for their cause. Most marketing horror stories start with a company being uncertain of their own plans and then offering a marketing agency a blank canvas to pitch. There are three key questions to consider when planning a marketing budget (this can be considerably more complex depending on a company’s circumstances, but as a basis, we start with the following): What do you want to achieve? Is it a revenue target, a reputation development objective, increased growth (market share), sustainability, diversification, or a combination of objectives? When do you want it? Is the objective a slow burner where low risk is the priority, or are the decision-makers in a mad hurry?Who is in the way? In other words, what does [...]