The Underinvestment Gap

The chart compares two bars of sales and marketing spend as a share of revenue. The typical agency, in red, spends 3-8%; the high-growth firm, in dark green, spends 15-25% - roughly three times as much. Notes and quotes mark a 10% minimum floor and best-in-class levels. The dry spells feel random, but they're the scheduled result of trying to fill a pipeline that needs 20% with a budget of about 4%.