Ever wonder how much money you should invest into your marketing? Want to know what the magic number is, that will yield you the greatest return? 5% 10% 20%?
Well that depends on you!
In other words, contrary to what you may have heard recommended, the truth is that there is no “magic number.”
I’ll show you why. Say I have 2 clients, one owns a store that sells shampoo and the other is a dental practice. If I were to have both businesses invest the same amount back into their marketing, how many bottles of shampoo would the one have to sell to even BREAK EVEN on what they’ve invested? Now the dentist, on the other hand, sells one case of braces as a result of this investment and they’ve covered their marketing costs for the year!
As a consultant, I sit down with my clients and consider their industry, geographic location and even comfortable level of risk, before I make a recommendation on their marketing investment. Ultimately, I want to see their business succeed, and as a business owner myself, I understand the need to grow your company strategically.
So, if you’re struggling to find that “magic number” for YOUR business, talk to an expert. Find a trusted resource and level up with them, being transparent about your goals and your fears…and while there is no “magic number,” they can help you “make magic with YOUR number!”