It’s hard to know exactly how much money a business should spend on marketing and advertising. The United States Small Business Administration advises small businesses to spend seven to eight percent of their revenue on marketing, while acknowledging that some businesses end up spending up to 20% of their revenue to promote their products or services.
Either way, businesses end up spending a lot of money each year on marketing. In the United States, Statista reported that businesses are expected to spend over $210 billion on digital marketing alone in 2022 and that by 2024, digital advertising revenue is expected to grow to a staggering $460 billion in the US.
Ryan P. Coyne, the founder and CEO of Olympic Media, believes that ad expenditures and revenue will continue to grow as long as the businesses are getting something from it. An expert in the field of digital marketing, Coyne believes his neck of the woods is only going to see increases in spending as long as the platforms continue delivering as they do now. The thing they deliver?
“The most efficient way in history to build a brand or advocate for a cause,” explains Ryan P. Coyne.
Through his work at JP Morgan, which he joined following graduation from Cornell University, this West Chester, Pennsylvania-born entrepreneur had the opportunity to learn plenty about mergers and acquisitions. Having left JP Morgan and starting several of his own businesses — some of which have nothing to do with marketing — Ryan P. Coyne was able to get first-hand experience of the problems marketing can solve for businesses.
A carefully planned marketing strategy can play several different roles for businesses, products, or even people. The first role is that of education — people who are not informed about the product or service and the problem it solves become educated about it. That might not be the first step when reaching new clients and customers, but it’s an incredibly important one.
Next, a good marketing strategy that includes, for example, an educational effort, can also lead to an increase in trust towards the business. As Ryan P. Coyne would agree, several other factors lead to trust, including recognizing the right values and fulfillment of a wide scope of consumer expectations. Every single one of those factors, however, can be addressed through marketing.
Finally, solving the authenticity problem is something that can go in two possible ways with marketing. It’s possible to slowly grow and adjust brand values as the audiences shift and change opinions. The way Ryan P. Coyne did it with his brands, including his We The People Wine, was to be loud and proud about the values his brand represents and build authenticity from there. Either way, effective marketing helps a lot. “Businesses can benefit from having things to say,” explains Coyne. “Marketers can help them do that.”
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