Tuesday, June 30, 2009

Marketing: How Much Should You Spend on Marketing?

What's the age old question that's on everyone's mind these days? No, it's not "When will the recession end?"

Everyone wants to know "How much should you spend on marketing to get new clients?"

Let's face it; if you are not spending time and money on marketing, it's unlikely that you'll be growing your business in this economy.

I don't know about you, but I just doubled my willingness to step outside my comfort zone and then I doubled my marketing budget.

I am doing more advertising in print publications and online article banks because I'm looking to bring in new clients. I'm getting more leads, more sign ups for my newsletter, and more phone calls from advisors interested in hiring me. I'm also picking up the phone more frequently and calling my prospecting list. And guess what? ALL THIS STUFF WORKS!!!

Successful entrepreneurs don't wait around for clients to come to them. They develop a "Prospect Pipeline" based on three to five marketing activities designed to get their message in front of their ideal clients.

So, how much should you spend on marketing?

Answer: The average that you should spend on marketing across most industries is from ten to thirty percent of revenue.

You should spend more if you want to be more successful. If you are not spending this much right now and you want to increase your revenue in the next six months, then you need to create a new marketing plan NOW! Marketing is an investment in your company's success. Those who are scared to spend the money are the ones who don't grow.

Now is the time to double your level of willingness to be successful, and to spend more on marketing so that you will be a market leader as we come out of this recession.

Suzanne Muusers
Business Coach for Entrepreneurs and Financial Advisors

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