The Burning Question... "How Much Should You Spend on Marketing?"

Establishing a marketing budget is an intimidating mission for business owners and there are many different ways to approach the task. Your budget will vary based on your competition, profit margins, your industry and a large host of other factors but let's take a look at some popular considerations when determining how much you should spend on marketing your business for financial success. Marketing by percentages. In terms of percentage - It's generally recommended that you spend about 7 to 8% of your gross revenue on marketing. This of course depends on your revenue, keeping in mind that if you're just starting out and don't have much on record in revenue you might need to spend a little

The 80/20 Rule of Marketing

In 1902 Italian economist Vilfredo Pareto noticed that 80% of Italy’s land was owned by 20% of the population. Interestingly enough, he also perceived that 20% of the pea pods he grew in his garden contained 80% of his peas. This (among other more complex factors and observations) led to his creation of a principle that tackles what is formally known as the specific power law distribution, or Pareto’s principle of the 80:20 Rule. But how does, Pareto’s 80:20 Rule relate to marketing? - 80% of your profits come from only 20% of your customers. - 80% of product sales come from 20% of your products - 80% of sales come from 20% of your sales team, and - 80% of your sales come from 20% of your

Trim the Fat: Use the Right Tools to Find Your Customers

Today there are so many different platforms available for marketing your business, that it’s easy to become overwhelmed by the feeling that you need to be all things to all people. Many feel as though they aren’t fulfilling their marketing potential unless they explore every shiny tool available to them. However being everywhere at once is not only impractical – it’s impossible. While an eagerness to explore every single marketing avenue available to you these days is commendable, when you push yourself to “cover all the bases” there’s a good chance that you will end up wasting resources on a fancy assortment of marketing tools that aren’t necessarily producing any return on your investment.

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