It is that time of year when we hear many of our manufacturing clients ask, ‘how much should I budget for marketing?’ Of course that answer depends on many different factors, more than one post can cover.
We will share that in the most recent CMO Survey manufacturers on average spent 4.1% of their annual budget on marketing, which ranks them 12th when looking at all industries.
The good news is 31% of surveyed manufacturers planned on increasing spend.
However, the key to marketing budgeting isn’t about what everyone else does, it is about understanding the maturity of your own sales funnel. Is lead acquisition a gap? Are you having trouble pulling prospects through the funnel? Or is your issue deeper in the funnel and as a result sales conversion is lagging behind?
Metrics-driven analysis of your current initiatives is imperative. Combined with your marketing goals, this should give you what you need to determine not only how much, but where to allocate your dollars.
Need help? At StratMg, this is what we do. Contact us or visit our extensive content library to learn best practices to shorten your sales cycle with effective sales-driven marketing. And look for more on this topic in future posts.