As the owner of a marketing firm that specializes in growing manufacturing companies, I often get asked, “How much should my manufacturing firm spend on marketing?” My typical response is, “Well, it depends.” As you can imagine, this isn’t the answer most people are looking for. The challenge for many small- to middle-market industrial companies is that they have never budgeted for marketing. For them, the budget is zero. I often hear, “I don’t have a formal marketing budget, but if you can make me money, I will spend money to make money.” I always like a challenge, but I’m always left asking the same questions: “How much marketing budget is enough to garner the results the manufacturer demands and how much is too much?” It’s a chicken or egg scenario. One that plays out every day at my company.
Metrics & ROI