I have a question for you: What is your marketing budget? More precisely, what % of your sales are being directly spent on marketing initiatives?
I know this question raises more questions. It’s not always clear what consistitutes marketing vs. something else. I know. But the question remains. And it’s an important question.
In general, businesses should be spending a minimum of 5% of sales on marketing initiatives. This not a hard rule but a guideline.
What about you? What does your marketing budget look like?
More importantly, how effective are your marketing expenditures? I’ll save this question for a future post.
If you need help in this area, call me. I can help.
P
