As a niche advertising company, we need to understand our clients marketing needs as much as our own. Something this important is often overlooked when blocking out the week, especially for small business owners and employees who wear many hats.
For the post, we wanted to know what other companies spend/budget for marketing and advertising activities.
The 2017 CMO Marketing Survey shared by Vital in this post, shows the percentage of company revenues spent on marketing varies widely depending on industry. Interestingly, they report that companies who spend the highest revenue share on marketing report it is the major revenue growth generator. This tells us there is a sweet spot each business needs to find. Spending a little may not pay off, because marketing verticals work synergistically. In other words, dipping your toe in the pool can never teach you to swim.
Industry Percentage of Revenue for Marketing Expenditures
- Education: 18.5%
- Consumer services: 17.4%
- Transportation: 11.2%
- Consumer Packaged Goods: 11%
- Service Consulting: 9.4%
- Tech/Software/Biotech: 8.5%
- Communications/Media: 6.6%
- Healthcare: 6.2%
- Banking/Finance/Insurance: 3.9%
- Retail/Wholesale: 3.8%
- Energy: 2.2%
- Mining/Construction: 2%
