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How much money should firms spend on marketing? Is there a good rule of thumb? Is it 2% of revenue? Or 5%? Should it vary based on the practice specialty areas? Digital marketing even further complicates the equation, since we have data available on everything we do online. What is important and what is not? Instead of simply choosing a percentage based on conventional wisdom, this article will show you three simple calculations to use when you're trying to determine how much money your firm should spend on marketing.
Calculating the Average Close Rate
Look at your last four quarters of lead conversion. Said another way, how many of your prospects actually became clients over the past year? As this article is published, it's the beginning of August, so if you're like most businesses, your 2nd quarter just ended on June 30. Regardless, start with the most recent data available from the most recent quarter. Here's a sample of what you should write down 2nd Quarter (June 30) ' 4 clients and 23 total prospects = 17.4% closing rate
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