Benefits of Marketing Audits
Marketing Audit is a comprehensive and structured approach to looking at the current marketing activities, future goals & objectives and analyze
- what has worked &
- what has failed
Marketing audit should be an integral part of any marketing strategy. Marketing audit helps analyze and measure the performance of the current marketing and helps the decision makers in providing the direction in shaping future strategy.
Why do businesses need frequent Marketing audits?
- Change in products and services – marketing content, promotional materials etc., Marketing needs to change to reflect the current products and services.
- Change in competitor landscape – new and/or different players in the market pose new and different threat, so marketing needs to address these changes.
- Change in the external marketing environment – lot of factors beyond the control of businesses can influence the existence and performance of businesses. Some of these factors include political, environmental, social, technological, environmental and legal. Successfully adopting marketing strategies to these factors is instrumental in overall success of the businesses.
- Change in internal marketing environment – new website, changes in marketing/sales teams, existing or new CRM Systems etc. It’s important to assess the available resources in-house and take advantage of the available resources and expertise for an efficient and performant marketing,
How does Marketing Audit help Businesses?
- Uncover inefficiencies and Strengths – Understand the weaknesses, inefficiencies in the marketing activities and fix them going forward. Maximize marketing investment by helping focus on the activities that work best for businesses.
- Efficient Marketing in the Long Run – Identifying the strengths and weaknesses early on saves lot of time and money in the long run by only investing in successful strategies.
- Stay Up-To-Date with New Marketing Ideas and Strategies – Marketing strategies are driven by changing technology and they are changing every day! Audits may identify new ideas and technologies available for marketing activities.
- Get Insights into Competition – It is important to understand strengths and weaknesses of the competitors in the market. Understanding the competition helps to build on the strengths and take advantage of the competitor’s weakness.
So, Marketing Audit should be the first step in your Strategic Planning.