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Thursday, 24 July 2008
 
 

Benchmarking Your Marketing - The Regular Review For Performance

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Benchmarking Your Marketing - The Regular Review For Performance

In decades past companies spent 5% to 10% of revenue on marketing. Today in many industries this is more likely to be 20% to 30% of revenue especially when you include staff time. It used to be that advertising people could sell their wares based on "building image, awareness and brand", some still try but even in consumer markets this is a disappearing phenomenon. Today each marketing expenditure should be tracked to actual sales as closely as possible. This does not mean that every sale can be traced to a single marketing expense. There are always some untraceable sales that are due to the cumulative effect of many things or because the customer can not remember where they heard about your business.
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