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      <image:title>Insights - The Four Factors That Determine Your Marketing Budget​</image:title>
      <image:caption>The chart to the left shows average marketing budgets as a percent of revenue, and as you can see, budgets vary widely. In recent years, the education, communications/media, and consumer services industries' budgets were highest as a percent of revenue, while budgets for firms in the energy, mining/construction, and manufacturing industries were lowest. Of course, your industry is only the first of four factors to use in estimating how much your company should spend on marketing. Use the average for your industry as a baseline and adjust based on the next two factors.</image:caption>
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      <image:title>Insights - The Four Factors That Determine Your Marketing Budget​</image:title>
      <image:caption>Factor 2: Company Size The size of your company impacts how much you'll spend on marketing, but not necessarily in the way you might expect. According to the 2018 CMO Survey, the average marketing budget as a percent of revenue is higher in the lowest revenue range, but varies widely as revenue increases. To make your industry's baseline percentage more accurate, use the chart to the right to locate your company's annual revenue range and adjust the baseline percentage as indicated.</image:caption>
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