What Should You Spend on Marketing in 2018?Jan 14, 2018
Know, Watch, Ponder
"It doesn't matter how slow you go as long as you do not stop and as long as you correct your mistakes along the way."
Confucius and The C-SuiteSkimm editors
Marketing. How much time, money and focus should you invest in marketing? How do you find the right new customers? How do you ensure that the right customers find you? Your competitors may be doubling down on their marketing spend in 2018. Meanwhile, the marketing ROI for small businesses and service companies is getting stronger as the technology gets better and easier to use.
- Outsourcing select marketing functions are becoming more common (up 5.1% next year)
- Productizing is happening even in service businesses
- Spend on digital marketing is up between 11-19%
- CRM spending will increase 7% as companies continue to realize its many benefits
- Optimism in marketing efficacy is up. 71% believe they will acquire more customers, while 69% believe their current customers will buy more
- Social media is19% of marketing spend and is growing at 10%
- Companies are also investing more in training, as the rate of change requires marketing teams to remain current on trends
Watch: Barbara's POV
If you worry about your business, clear your mind. Stop worrying and start focusing. Worrying won't take your business to the next level.
Here's What Works
- Ask the right questions
- Prioritize what matters most
- Be a talent magnet that attracts and keeps the best people
- Make better decisions
- Lead your team, your board and your market towards your vision
IAre they teaching relativity and the truth about gravity in today's science classes? I sure hope so because as a non-science major, I missed this. The math behind the theory is impressive but you don't have to be Einstein to understand the concept of relativity and no-one explains it more eloquently, engagingly and simply than Fay Dowker, professor of physics at Royal College London. Close your eyes and go for a thought experiment. Enjoy!
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