/research-center/customer-engagement/what-should-you-spend-on-marketing-in-2018/?utm_source=rss&utm_medium=rss&utm_campaign=what-should-you-spend-on-marketing-in-2018 Resource for Business Leadership, Coaching, and CEOs Wed, 24 Jul 2024 23:02:37 +0000 hourly 1 https://wordpress.org/?v=6.4.5 /research-center/customer-engagement/what-should-you-spend-on-marketing-in-2018/#comment-2212392 Tue, 09 Oct 2018 22:29:04 +0000 /research-center/?p=22509#comment-2212392 Does “marketing spend” include staff time in this survey?

]]> /research-center/customer-engagement/what-should-you-spend-on-marketing-in-2018/#comment-2181096 Sun, 17 Jun 2018 14:54:12 +0000 /research-center/?p=22509#comment-2181096 Percent of revenue seems to be the most common way people normalize an analysis meant to determine how much a company should spend on marketing. This is a limiting factor as a mechanism to look at a competitor. However, marketers who have access to their own data need to look at this differently. Cost of customer acquisition, lifetime customer value, margin… If you can underspend your competitors on a per customer level, retain them because of a superior product/service experience, and increase margin because of customer value perception, you win and don’t have to worry about what your industry spends. You can simply watch metrics that matter to direct stakeholders, such as NPS, CAC, LTV and then benchmark by market share.

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