Experimentation Drives Marketing Success

FinMar Today

Do you embrace the experimentation mindset or does it scare you to death? Today we are talking about the importance of the experimentation mindset and how it can help to expand your marketing and ultimately grow your firm.

The reality is most firms should be investing more than they do in marketing if they want to remain competitive and grow over the coming years. Our research shows that firms should be spending a minimum of 1.8% of revenue and that high growth firms are spending a lot more than that. This is a big number and you should not try to get there in one fiscal year. The growth in your marketing budget should be tied to your firm’s 3 to 5 year strategic plan for growth and the only way you are going to feel comfortable expanding your investments in marketing is by identifying winning solutions and eliminating the losing ones. The only way to do that is by getting started, tracking results, remaining agile and adapting to changing market demands. In short by experimenting.