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