“The majority of business owners are not marketers by trade. They are pursuing a dream, passion or a practical skill they’re exceedingly good at. Yet the complexities of operating and marketing a 21st century business of any size are frequently incompatible with the preferences of today’s business owners, creating and exacerbating stress.

In February 2019, OutboundEngine (OE), conducted a survey of more than 350 small and medium business (SMB) owners throughout the U.S. We asked them about revenue growth, stress, what is prohibiting them from meeting their business goals, which marketing tactics were most effective for them in 2018, and more.”

OutboundEngine

Marketing Plans and Budgets

The U.S. Small Business Administration recommends spending 7-8% of your gross revenue on marketing for businesses doing less than $5M / year. According to OE’s latest research, 55% of small businesses dedicated 5% (or less) to marketing efforts.

Even a small increase in marketing investment led SMBs to see more revenue growth in 2018 than those who spent less on their marketing.

-OutboundEngine

A marketing plan doesn’t have to be an intimidating … overwhelming… 50 page document. A marketing plan is there to help you set goals, identify problems and solutions, and come up with a budget. A plan also allows you to track things over a period of time so you can learn what (or what not) to do for the future. Even a simple template (above) like this can set you on the right track.

To download OutboundEngines full 10 page report, click here.

For marketing planning and consulting please contact us!