We Eliminate Confusion and Provide Strategies for Growth.
For many small businesses, digital marketing can take up precious resources of time and energy. A recent survey of small business owners and managers from across the U.S. with fewer than 500 employees identified their top challenges when considering marketing:
- In-house help versus external help is the most common marketing challenge. Industry leaders say that small businesses that try to handle everything in-house may overextend themselves.
- The majority of small businesses struggle determining where to direct digital marketing dollars.
How much should I invest in marketing?
Answering this question correctly often determines if a business fails, survives or thrives. Most smart business owners or executives spend only what they need to in order to accomplish specific growth goals.
A 2018 CMO survey published by the American Marketing Association and Duke University reported that, across all industries, businesses spend 10.8% of their budget on marketing and 7.3% of revenue on marketing.
The U.S. Small Business Administration suggests investing 7% to 8% of your gross revenue on marketing.
Industry leading businesses are allocating 50% to 55% of their marketing budget to digital and content marketing. The average company is spending only 43% of their budget for these tactics, so the average company has room to improve their return on investment and supercharge growth.
We can help you determine how (or if) you need to adjust your allocation within your various marketing activities. We will also provide recommendations on how to get the maximum return on your investment if you decide to increase your budget. Additional profitability will allow you to reinvest in your growth strategy. If you’re not reaching your growth goals, we can help. Contact us today to get started.