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Need evidence about the viability of your marketing investment? A new survey clearly equates increased marketing spending with increased revenue generation. Of the 259 businesses polled, the 65% that increased their marketing expenditures experienced an increase in revenue over the same period. The survey, which exclusively examined businesses with one to 20 employees, was just released by Hurwitz & Associates. Thirty percent of those that kept their marketing spend flat saw a boost in revenue. This left only 5% of businesses that invested more in marketing encountering a revenue decline.
"Now is the time for people to market. I don't think there is any question," says Gary Garton, owner of Garton Specialties (asi/202132). "If they market now and keep their name out there they can improve their position when [the market rebounds]."
The Hurwitz survey also proved the damage that can be done to a business when it decreases its marketing budget: 41% of respondent that decreased their marketing expenses experienced a decline in revenue. "It's always a good time to market. You can't not be out there," says Sharie Stewart, owner of Abacus Enterprises (asi/101830). This is particularly valid for distributors, Stewart says. "Too many things happen in this business. Contacts move around, especially in this economy. People lose their jobs and others step in. If you don't stay on top of it, you can lose the customer. Even in the good times a really good salesperson is always prospecting."
Of those polled in the Hurwitz study, 46% used digital marketing methods – social media, e-mail newsletters and search were the most used avenues.
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