The UN-common denominators
Industry Leaders have World-Class Marketing
Two common traits of multi-national industry leaders
The world-class marketing fundamental that multi-national industry leaders have in common is 10% of revenue on the marketing budget with an 80/20 split between branding and marketing.
They spend the effort and resources to maintain a deep understanding of their ideal clients to know their external needs and their internal desires.
They do the research to understand how to emotionally connect with them and they keep updated on the changes and trends their targets make.
This is how they became an industry leader.
But you can’t start out like this, (unless you are VC funded).
Branding and marketing are both essential for a company to succeed.
Marketing is the process of creating awareness and interest in a product or service. On the other side, branding is the creation of unique ideas, a name, terms, designs, symbols, or other features that distinguish a product or service from its competitors.
However, don’t limit yourself to this belief alone. While correct by definition, it is limiting and could hold one back.
Decide to be one of the best!
World-class marketing drives the target to take immediate action.
World-class branding makes you love that company even when you don’t use their stuff.
Back to the facts.
By spending 10% of their revenue on marketing and 80% on branding, companies are able to create a strong identity that customers can remember and trust.
This allows them to stay ahead of the competition and maintain their position as an industry leader.
What are you planning to invest in marketing?
To start, you need to be doing small business guerilla marketing, (another topic).
But your goal needs to be consistently spending resources on marketing. Once a successful strategy is found, the next step is to scale to spending above 5% of your revenue, with 80% of that on marketing and only 20% on branding.
Then, it’s time to shift into branding. This takes significant insight into your ideal client and copywriting to find compelling messages that will link positive emotions to the result you can deliver.
Look at some of the Successful Brands of the 21st Century
There are many examples of companies that have followed this approach and been successful as a result.
Apple is one of the most well-known and successful companies in the world, and they have always placed a strong focus on branding and marketing. In fact, their marketing budget is said to be around $1 billion per year.
Another example is Nike, which has also built a very successful brand by investing heavily in marketing and advertising. In 2016, Nike spent $3.2 billion on marketing, which was about 10% of their revenue.
Wanna be an industry leader? Then you need World-Class Marketing. Copy those who are Successful.
So, it is clear that companies that invest heavily in branding and marketing are more likely to be successful.
If you want your company to be an industry leader, then you should follow the example of these companies and work toward investing 10% of your revenue in marketing.
Work to have an unlimited mindset. Nothing happens by accident. Success is done on purpose. Marketing is an investment
This will help you to create a strong identity that customers will remember and trust.
At HammerSport Marketing you can trust that we will deliver on this fundamental marketing strategy. Set an appointment here at LEARN MORE or call us at 407-476-8031 today to get started!