Investing in marketing is an essential part of a business. If you’re not marketing your services consistently, you can expect to lose brand recognition and eventually, your clients will forget about you. Marketing generates ideal buyer awareness, interest, desire and action to attract new clients to your products and services, and helps you stay top of mind with current ones.

Despite being a necessary expense, many businesses see marketing as an unnecessary cost and are reluctant to invest in it. When times are tough and budgets shrink, the marketing team is often the first to be cut. However, looking at marketing as an investment is the key to ensuring that your business can continue to grow even in unstable economic environments.

One of the main reasons that businesses should consider marketing an investment instead of an expense is because of its ability to drive revenue growth. Studies show that companies that prioritize their marketing efforts experience higher revenue growth compared to those who do not. This is because strategic marketing can help your business develop a strong brand presence, build customer loyalty, and establish a competitive edge in the market.

It’s important to keep in mind that the amount of money that your business should allocate to marketing can vary, depending on a variety of factors such as industry, company size, age of the business, product or service, and growth goals. Nonetheless, using industry benchmarks and best practices can help you determine the appropriate percentage of your revenue that should go towards your marketing efforts.