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marketing budget
Question:
Can sombody give me an idea of the percentage of total turnover companies spend on marketing. We’re a financial service company with 20.000 customers, 1000 employees and a turnover of BPS 200 million about to launch several new products on the market.
Response:
> Can sombody give me an idea of the percentage of total turnover > companies spend on marketing. > We’re a financial service company with 20.000 customers, 1000 employees > and a turnover of BPS 200 million about to launch several new products > on the market.
You will get alot of responses that give you percentages etc. I have not found in my experience that this works for a situation such as yours, however, those responses will be valuable to you none the less. Marketing budgets, IMHO, should be based on market saturation and the realistic goals of the company. Sometimes both have to be compromised to get the job done with the budget available. My experience with larger companies launching new products ( I was on the account team that launched Coors Beer into Canada) is that you should sit down with your marketing people and determine what is needed to properly saturate your market for these new products. Have a best case scenario drawn up, and then estimate the budget. If this is not realistic for you, talk to your advertising agency and have them make recommendations on what to cut and where. You are not a small business start up and seem to have the financial resources to back the launch of these products. If you try and cut back just because it may seem like a fairly large budget right now think how you will feel if the launch is just mediocre and does not bring in the response you expected. Having the resources to do a splashy launch is a position all companies crave.. so take advantage of your position and go with it. Thats my two cents worth…. ——- Wishing you the best of success Donna Henuset Independant Business Consultant Calgary AB Canada
Response:
Hi I read an article in Advertisng Age Business Marketing about th edifferent % that are used across industries. If it helps I will search fo rthe article and send details Lee Marketing Services marketing servcies for the IT industry
Response:
>Can sombody give me an idea of the percentage of total turnover >companies spend on marketing. >We’re a financial service company with 20.000 customers, 1000 employees >and a turnover of BPS 200 million about to launch several new products on the market.
Let me get this straight , the company does revenue of