In the mid 90s, Steve Jobs took a company on the brink of extinction and turned it into the largest and most successful brand in the world. The Apple of the 90s looks a whole lot shinier today, sitting pretty at the top of Forbes most valuable brands list for the third year in a row. So, how did Jobs do it? Besides being a visionary and perfectionist, Steve Jobs was a genius marketer. He understood the vital role marketing plays in a company’s success, which explains why Apple and many of the most successful companies in the world spend more on marketing and sales than they do on research and development.
A strong brand and marketing strategy is a powerful asset and Jobs knew it.
Determining the affect of marketing on a company’s growth is not black and white. There are many factors that combine to create a successful and growing business. However, without marketing and sales a company gets very little, if any, promotion or exposure, meaning the chances of growth are slim to none.
This is a well-known fact among marketers, evident in the amount of dollars successful corporations allocate towards sales and marketing every year. In 2014, Microsoft, Cisco, Quest Diagnostics, Intel, Salesforce, Constant Contact, LinkedIn, Marketo, Bottomline Technologies, Marin Software, IDEXX Laboratories, Tempur Sealy, Tableau and Twitter among many more all had marketing and sales budgets that were greater than 14% of revenue, some spending as much as 50%! All of these companies also grew year-over-year.