My boys love of toast. In fact, if we’d let them, that’s all they’d eat. Despite the fact that they’re still quite young, we’ve discovered that they’ve already mastered the “well, if mom says no… let’s go ask dad for toast” principal. There’s been more than one occasion where my boys have devoured a loaf of bread in a day. And they probably would’ve eaten more if we hadn’t wised up when we realized we were out of bread.
I’ve been asked a few times about how aggressively should you market your company. And I like to answer that question with the story about my kids and their toast.
How does that relate?
Simple. How badly did my boys want toast? Pretty darn badly. So they found some new ways to market the idea to my husband and I. And, sadly, some of those worked. (Now we know better – and we communicate a lot about toast!)
The same relates to your company. How badly do you want to make sales? What kind of growth are you wanting to see? How much money are you willing to invest into advertising and marketing to make those goals a reality?
Everyone I’ve talked to wants sales. They all want to see phenomenal growth in their business. The difference has to do with that third question: not everyone is willing to make the investments they need in order to see the growth and sales that they only dream of.
On average, companies spend anywhere from 1-10% of their gross income on advertising and marketing, with most companies averaging 2-5%. That being said, it’s the companies who are willing to invest *at least that* who see the best growth, sales, and customer satisfaction.
Most entrepreneurs I’ve had the honor of mentoring aren’t even investing that much. And for new companies, sure, it can be hard to make that kind of investment. But the only way to create real staying power for your company is to be willing to take the dive and make that investment. And when you’re willing to invest in your company, the sky truly is the limit.