by new companies

Almost 40% of new companies do not have a marketing plan and almost half of new businesses launch without any form of marketing or advertising budget, new research by online business directory ProjectWord.co.uk has revealed.
Ever more worrying is the finding that one in three businesses don’t understand what marketing is or what role it plays for new companies. The statistics go some way to explaining why almost half of new companies fail within their first year and one in four survive beyond year four, suggests ProjectWord.co.uk.
The statistics came as shock to Sarah Purbrick, marketing and communications director at Maxwells Professionals Hair & Beauty – winner of the Marketing Award in HJ’s British Hairdressing Business Awards 2008.
Sais Sarah: “An ongoing marketing plan is an essential part of any successful business. It’s important to know where you are going, but more importantly how you are going to get there. Any business that is serious about growth and development has to have a marketing plan, an affordable budget and, most importantly, a focus on the return on investment.