Have you worked out the true value of your ideal customers?
It might be more than you think...
Let’s take a simplified example of a business with 100 customers, each worth £10,000/year on the face of it.
The old saying "50% of my marketing is working but I don't know which 50%" has never been more relevant than when trying to figure out your marketing budget.
The UK has very low productivity. In comparison to the average of the worlds 7 biggest economies, we are 16.6% behind. One of the things the UK government initiatives to fix this is to fund 95% of the training cost for an apprentice to help get more skills into SME businesses. This is funded by charging larger businesses an apprenticeship levy.
This post is written for the owner of established small businesses with 5-50 employees. It is written for businesses who don't just care about making money they serve a purpose more important than just making money. It is written to help you understand why you want to grow your small business so that you can make the right strategic decisions to achieve your potential and live the best life you can.
Perhaps you need to ramp up your marketing efforts and you're trying to figure out the best way to do it. Maybe you're working with an agency and thinking about bringing your marketing back in-house or switching to another agency? Wherever you are in your thinking, we've written this article to help you.