As we all know, most companies conduct regular financial audits but how many actually conduct a regular marketing audit?Businesses of all sizes need to consider undertaking a marketing audit to identify and review the current status of their company’s marketing activities and help reduce future costs on non-profitable platforms. A comprehensive review of a company’s marketing and communication helps a business understand where it is heading from a marketing perspective. By reviewing issues such as customers and your target audience, your competitors, the marketplace in general, and your internal situation, you will be more informed about the success of previous marketing activities. A marketing audit analyses the business objectives and understands what the business is trying to achieve, providing leaders with the opportunity to make more informed decisions on their future marketing direction. This information is also invaluable in helping businesses of all sizes to build a successful marketing strategy, highlighting what they will require to deliver the most cost-effective marketing strategy to meet their business objectives.
A marketing audit is a thorough and clear review of your marketing plan, objectives, strategies, and the current activities being executed in your business. Through a marketing audit, we examine your complete promotional environment, from your direct mail newsletters to your social media campaigns. The goal is to identify efficient strategies and areas for improvement.
What does a Marketing Audit entail?
- An audit must be comprehensive. It is important to cover all areas of marketing, including problematic areas and those that your team excel in. A holistic audit is the best way to uncover opportunities and highlight previously unknown areas of strength.
- An audit must be systematic. Order and efficiency are key elements of a successful marketing audit. You should account for every environment, principle, strategy, and operation in your organisation to ensure that your audit covers every possible gap.
- An audit must be done regularly and on a recurring basis. Some companies only conduct an audit when things are going wrong. Conducting periodic marketing audits enables your team to discover problems early and solve them before they can go wrong.
Marketing Audits and Marketing Strategy go together. A marketing strategy refers to a business’s overall “game plan” for reaching prospective consumers and turning them into buying clients. A marketing strategy typically contains the company’s unique selling points, brand messaging, and other customer-related elements.
Advantages of a Marketing strategy
- There are many advantages to having a marketing strategy. With many sales professionals offering everything from traditional media and public relations to marketing technologies and new ways to execute campaigns, it may become confusing to navigate your business environment. The market research conducted for your company should deliver a better understanding of your customers, market challenges, and competitors. A strategy helps you align with your business goals and sales objectives. It revisits the company’s vision, strengths, and weaknesses to align sales and marketing tactics. Building a marketing strategy helps define the best approach to brand awareness and brand storytelling that emphasises your unique value proposition.”