Wishing you all a great Sunday with family and friends. Happy Easter.
Operating a business, no matter the size, relies on an efficient marketing strategy. To improve your strategy use a marketing audit. Just as a financial audit will help you understand the profit and loss margins in your business a marketing audit contributes to identifying the strength of a business’ share of the consumer market. A look at your competitors share in the marketplace is a bonus. Marketing audits improves the strength of a business’ share of the consumer market.
What is the marketing audit?
The marketing audit examines your business’ position in the marketplace, competitors’ position, the value proposition statement, and the internal and external efforts in reaching customers. Your business’ independent marketing practices consist of advertising in written and virtual media. The internal marketing audit examines the condition of your business, debts versus profit. Another critical factor reviewed by an audit is examining the markets you target.
Why use an audit?
A successful business relies on well-developed and executed plans for marketing, budgeting, employee retention, and financial planning. Effective marketing strategies are evolving as the market demands change. When business profits begin to fade, and you do not change your marketing strategy, the chance of your business success is minimal. An effective marketing plan will help to increase your business profit, whereas a market audit guides you in improving its effectiveness.
Who needs the marketing audit?
The primary goal of any business owner is to earn a profit. Especially in the difficult financial years. A marketing approach that does not change with the times will fail. A marketing audit is a useful tool to use whether you are planning on launching a new product or rebranding a current product. Corporations and small businesses benefit with a marketing audit.
These benefits include:
- Establish a baseline for marketing
- Incorporate key structures of the marketing plan
- Develop marketing strategies
- Identify areas for improvement
- Improve social media tactics
- Evaluation of return on investments (ROI)
- Cost effective (may reduce costs, increase profit margin)
- Adjust the marketing message
- Improve or establish a web presence
- Track and analyze the effectiveness new campaigns
Where and when do you set up a marketing audit?
You can schedule an audit at any time. However, the best time is before marketing your new product or before re-branding your business. An audit may occur in person or online.
Marketing your business in the best of financial times is not easy, the challenges faced during an economic downturn increase. The marketing audit will target efforts that drain your resources and provide you a fresh approach.
- Win Marketing offers more information and marketing audit services here.
- Marketing audit tools at SitePoint
- The 5-step Marketing Audit at BoxCar Marketing
In my ongoing research for resources and self-education I came across this article at Hubspot’s Blog regarding keyword research.
The author, Rachel Sprung has provided six steps recommended for beginners to keyword research for their business sites.
Every business that has a website must stay on top of the terms and phrases used by potential clients when searching for products and services.
Terms may be one word or a sentence in the form of a question or other phrase. “How to” is a popular phrase, as it the “what” form of question.
A keyword strategy is important. More important is understanding the process. These six steps as outlined here will go a long way in providing you a starting place.
Remember: keep it simple, don’t complicate it.
As a part of my service to you my readers and clients, earning opportunities are explored. The valid ones I join and share with you. Those with a larger earning potential are kept, others are tossed. However, I keep the links because you may have better luck with them than I.
Self-Development Network is another earning opportunity. As an affiliate you earn by bringing clients and affiliates.
To become an affiliate yourself and start earning an income, sign up here, takes a couple of minutes and you are all set. Share your link and sign other affiliates on to add to your income stream.
Affiliate income is increased if you join programs that allow you to bring in other affiliates. The multi-level marketing plan, you create two streams of income, your sales and the sales of others.
I look forward to working with you. Give the programs a try, they have a 100% money back guarantee, but if you use them, you won’t want your money back.