Welsh Marketing Spend

6 02 2008

An article on ICWales (http://icwales.icnetwork.co.uk/business-in-wales/business-news/2008/02/06/welsh-firms-are-among-the-top-spenders-on-marketing-91466-20439431/) today suggests that Welsh businesses are spending more on marketing than their English counterparts. But is this a good thing? Are these businesses proactively planning their marketing spend to meet business objectives or are they throwing money at marketing in a bid to boost trade?

Unfortunately the article doesn’t provide the answers, but from experience, many businesses regardless of sector or size fail to spend enough time developing their marketing strategy.

For any business a well considered marketing strategy should act as the cornerstone of all marketing activity and when it place it should support the business in reaching its goals.

Of course we live in the real world and if simply having a marketing strategy was enough to guarantee business success we’d all be very rich people. But that’s why building in flexibility to the strategy is of critical importance along with monitoring mechanisms to ensure that marketing spend is fully assessed.

So whilst its encouraging to see Welsh businesses spending on marketing, I would hope that they can take time out to develop or have developed marketing strategies that will help direct their marketing investment to fully support their business objectives. This will help them to derive best value from their spend and will optimise the results they obtain from it.

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One response

7 02 2008
Owain

John

I agree.

Although it may be encouraging to see that Welsh businesses are not afraid to spend money on marketing, it is imperative that there is a thought process, or a strategy / plan, behind their decisions. I see too many businesses spending money of marketing that simply doesn’t work for them (and see too many marketing agencies taking advantage of this) because they haven’t thought it through well enough (same goes for the agencies). Most businesses feel burned by the fact that something didn’t work for them and then they turnaround and say ‘I tried marketing (or some form of it) and it didn’t work for me so why should I continue / try again’.

First of all, as I’m sure you’ll agree, marketing is something that should be a consistent business element, not a ‘maybe we’ll do some marketing this month’ attitude, and secondly, businesses don’t need to spend lots of money on marketing to obtain decent results.

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