Marketing Budgets. How much should you spend? Building intellectual capital in the form of marketing data which supports marketing strategies is as strategic as building a diversified financial investment portfolio.
Determining your market research budget, planning the year’s research activities or deciding whether to outsource market research is dependent upon internal factors.Major factors which may determine the necessary allocation of resources include—— staffing issues; expertise, time constraints; capacity; flexibility and the product life cycle.
Highlighted and summarized are findings about marketing budgets from various industry publications including Blackfriars, The American Marketing Association’s and the Market Research Association indicate→
↔ About 50 percent of U.S. companies have a market research department.
On average companies spend approximately 1.2 percent of sales annually on market research.
Fifty percent of market research budgets are used to out-sourced to companies such as Market Directions. Market research outsource spending has increased by 77% over the last ten years.
Breakdown of the Marketing Budget Generally, marketing budgets are split as following:
Advertising: 31%
Website development: 17%
Events: 15%
Public relations and analyst relations: 10%
Collateral: 6%
Concept testing:6%
What is your firm’s market research budget --- compare that to marcomm—(marketing communications)?Let Market Directions be one of your marketing tools--- we can help your marketing department do their jobs better, faster and with a greater degree of efficiency.
Contact Market Directions
Market Directions 200 Mount Vernon Street Boston, MA 02132-2818
Studies show a strong correlation between marketing measurement practices and the marketing budget. Fifty-seven percent of companies measure the results of their marketing efforts.
Firms that measured their results had marketing budget increases that were nearly twice the percentage of those that did not measure results. Firms that measure marketing results are less likely to be dissatisfied with the effectiveness of their marketing
Primary and secondary, quantitative and qualitative, we are experts at these research techniques--- we supply what is most beneficial to the client considering budget and timing when we recommend a technique.
Need it now? Click on the "Rapid Response" section to learn how you can get primary data in days, not weeks. Anything you need to know? That is any data, demographic or attribute that the Census Bureau or other source publishes, we have original reports, source data, --- we are experts at compiling data charts from government websites--- click on the "Useful Resources" section for a complete list.
