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The Importance of Market Research for New Business Ideas

March 25, 2018/0 Comments/in Uncategorized /by kjmmc

What percentage of Revenue Do Publicly Traded Companies Spend on Marketing and Sales?

February 25, 2018/0 Comments/in Frontpage Article, News /by kjmmc

The Importance of Market Research for New Business Ideas

March 25, 2018/0 Comments/in Uncategorized /by kjmmc

What percentage of Revenue Do Publicly Traded Companies Spend on Marketing and Sales?

February 25, 2018/0 Comments/in Frontpage Article, News /by kjmmc

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The Importance of Market Research for New Business Ideas

March 25, 2018/0 Comments/in Uncategorized /by kjmmc

I know from the title you might be thinking this is a common-sense topic that you already know a ton about, but time and time again people throw all their chips in on their business without checking if there’s even a market for their product. They get a good idea, their friends agree it’s a good idea, and before you know it they’ve quit their job and gone in debt up to their eyeballs trying to get their little idea off the ground only to discover it wasn’t that original to begin with.

There’s nothing new under the sun! If there’s one thing you take away from this post, please let it be that! I don’t care how innovative you think your idea is, there is a 99.9% likelihood that someone has thought of it before and tried to do something about it. The iPhone wasn’t the first smartphone and Facebook wasn’t the first social media site to ever exist.

The aforementioned examples weren’t successful because they were the first. They were successful because they popularized their respective concepts. They made it shiny and attractive to the masses, and that’s what your goal behind market research should be.

Market research should be conducted before you start your business! I don’t care what anyone else says, you need to have some sort of a business plan before you actually start your own business. Don’t be ashamed of working at McDonald’s while you pursue your business idea. It may slow you down, but it’s always smarter to have another job lined up before you quit the one you have.

How to Conduct Market Research for new business ideas

Researching your idea’s marketability isn’t just using Google to see if your specific idea exists already or posting your idea to a forum and seeing how many people flock to it. You can’t just spend half a day researching the topic and expect to truly understand how well your idea will sell.

You have to research anything that’s even remotely similar to your idea and use your findings to realistically extrapolate the demand your product can expect to receive once it’s on the open market. While doing this, you need to delve deep into the reasons similar ideas succeeded or failed and critically look at your product in the same light.

Don’t be afraid or too cheap to hire some outside help. There are a ton of market research companies out there that are professionals at what they do. They’ll be able to look at your idea in a more objective and critical light than anyone else will.

All in all, if you really have faith in your idea then you shouldn’t be afraid to put the time and money into making sure you do things right. This can be achieved by doing the right kind of business research for new ideas.

What percentage of Revenue Do Publicly Traded Companies Spend on Marketing and Sales?

February 25, 2018/0 Comments/in Frontpage Article, News /by kjmmc

Sales and marketing are very essential when it comes growing your business. Simply getting your products or services to the marketplace isn’t good enough; you need to have an effective plan and budget for how you will get more customers and how to maintain your existing customers. There are several options that are available to business owners out there. You can either make use of you in house marketing and sales team or employ the services of a third-party company to help you with sales and marketing in your business. Publicly traded companies just like most business types out there, need the services of the right kind of marketing and sales company.

In order for anyone to fully understand the right amount of money spent on marketing and sales, it is first important to note the amount of money that comes into the business as revenue. This depends on the type of business and the industry in consideration. It is an obvious fact that the amount of money you wish to spend on your marketing and sales will drastically increase with how much you make. This simply means your first focus should be in creating more valuable products and services, which are useful to the marketplace, as this will guaranty more revenue for your company.

Spending the right amount of money on marketing and sales can put you ahead of your competition. If we take a closer look at publicly traded companies, we realize that there is no standard definition for such companies, this basically means it depends on what products and services you provide for your customers,

The need for having a strong sales and marketing team for publicly traded companies

Being able to create a strong sales and marketing team is important in any business. This can help your business grow within the shortest possible time. It is worthy of mention that you need to invest a reasonable amount of money to in sales and marketing, if you wish to succeed in a competitive marketplace. This has to do with creating the ideal sales infrastructure for your business.

The Ten Percent Rule

When it comes to the percentage of revenue spent on marketing and sales by publicly traded companies, then it would be important to consider the widely used 10 % rule. Keep in mind that this doesn’t have anything to do with the amount of money you make as revenue. Another important point to consider when looking at these numbers is how long the business has been in operations. If your publicly traded company is just in it’s infant stage, then it is safe to say you are going to need to spend more than 10 % of your revenue on marketing and sales. This figure is not fixed, as you might need to spend more money as a startup. Well-established businesses such as Google, Apple, and Facebook wouldn’t worry too much about spend money on sales and marketing, as many know their brands. A small business however needs to increase this percentage to succeed

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