The US Small Business Administration recommends spending 7 to 8 percent of your gross revenue for marketing and advertising if you’re doing less than $5 million a year in sales. Small Business Trends reports that the average business spends 1.08% of its revenues on advertising, while B2B companies spend 9.6% on marketing and B2C just 6.3%.
If you are a member of a trade exchange, you can afford to do considerably more advertising and marketing than non-members, in that you can exchange your goods and services for this all important business investment. That’s right, advertising and marketing is an investment in your business, not an expense. Without a comprehensive advertising and marketing plan in place, you won’t reach new potential customers, which will lead to lower sales.
In 2019, IMS members spent $5.5 million dollars on advertising and marketing campaigns…in trade. Advertising and marketing avenues through IMS encompass digital, print, mobile, broadcast, direct mail, outdoor, web, social and everything in between.
Contact your IMS broker now to learn how to make the most out of your advertising and marketing budget!