Clients ask all the time: How much money should I be spending on marketing?
On the surface it's a basic question. Anyone that's ever put a budget together knows that it helps to have an idea of how much to set aside for each function. One easy way to do that is to go by experience. "What did we spend last year on advertising?" Another is to go by an industry rule of thumb. "Marketing should be 5% of your overall budget."
When you dig a little deeper the question has another aspect to it. It's usually asked to answer a deeper question that goes beyond preparing a sound budget. Facility owners are trying to answer, Am I doing this right? It's an important question to answer. Spend too much and you've given your ad agency and local television station money that could have been spent on building your business or your personal wealth. Spend too little and you might sit with empty beds, losing money and running in the red. Read more about Long-Term Care Facility Marketing Budget: How Much Money Should Be Allocated
Mike is an entrepreneur, writer, speaker and consultant dedicated to the idea that building better businesses creates a better world. Read more about him: About Mike Gastin or connect on Twitter: @mikegastin or Google+: Mike Gastin.