Chasing Two Rabbits

Growing up, we didn’t really have a budget—we had a father. Requests for frivolous items or fleeting joys (no matter how much I begged for candy) were met with a sympathetic smile and a gentle pat on the head. Looking back, I realize dad was teaching me the value of deferred gratification and the art of managing resources wisely. Perhaps that’s also where I learned the importance of investing in what truly matters. In today’s world, content is king, and creating impactful content requires the same discipline my father had: focusing on what’s essential and resisting the temptation to let distractions drain time and money. To clarify, I define “content” as any media that communicates a message. This includes blogs (like this one), podcasts, social media posts, websites, videos, and ads. The best content reveals something genuine about its creator, leaving the audience feeling like they know them better after engaging with it. Great content is relevant, original, authentic, engaging, and actionable. It should inspire the audience to act while resonating with their needs and interests. Informative blog posts, entertaining videos, or engaging podcasts can be developed with creativity and expertise, capturing attention and driving action. Importantly, you don’t need an extravagant budget to create meaningful content. By using cost-effective distribution channels and repurposing content across multiple platforms, you can amplify your message and maximize your reach without overspending. It’s a great mentor/parent lesson: prioritize what matters most, focus your efforts, and invest wisely. Whether in managing a family’s finances or creating communications content, the principle remains the same.

Successful companies do. Successful companies typically allocate a growing percentage of their total revenue towards marketing and advertising expenses. Is that self-serving advice? YES, if you hire marketing professionals! Is it true? YES, as backed up by experience and research (below)! Of course, this percentage can vary based on the industry, business size, and specific marketing goals. By industry, here are some reported average expenditure percentages. 1 INDUSTRY MARKETING BUDGET (% OF COMPANY REVENUE) Banking/finance/insurance - 9.49% Communications/media - 14.27% Consumer packaged goods - 25.19% Consumer services -11.74% Education - 11.50% Healthcare - 6.80% Manufacturing - 3.75% Pharma/biotech - 12.83% Professional services - 7.08% Real estate - 10.61% Retail wholesale - 14.52% Service consulting - 21.00% Tech software/platform - 11.80% By devoting a significant portion of their operating budget to marketing and advertising, successful organizations can continuously drive brand awareness, maintain customer and donor loyalty, and drive growth. Are you? 1 Marketing Budget: How Much Should Your Team Spend in 2024? [By Industry ]; June 17, 2024; The CMO Survey , Statista, September 2023 release date, 316 respondents https://blog.hubspot.com/marketing/marketing-budget-percentage#marketing-budget-percentage ;