I have a headake just thinking about these numbers.
One of the few industries that have actually increased their marketing budget (2.457 Billion) over the last several years is "Big Pharma". Even though they are making billions in profit they are aware that in the cut-through industry of pharmaceutical wonder drugs R&D does not guarantee success. One company has increased its advertising budget by 160 percent and most are ramping up their budgets as we exit the recession.
If they see that the only way to get a great product (or idea) to market is to spend more of marketing and cut budgets in other places should send a strong signal to all businesses. If your not aggressively marketing your business than you are fighting a loosing battle against the companies that are.
Now is not the time to go crazy and overspend on ineffective marketing ideas. If you have limited funds in marketing then you should be rearranging your cash flow to get more marketing and advertising campaigns moving sooner are rather than later. If nothing we have learnt that the business that comes out of a recession with a strong well executed marketing plan is often the leader in their segment for years and sometimes decades.
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