A marketing audit is an important stage in building a marketing strategy – but one that is all too often overlooked by businesses. However, for a relatively small investment, you can ultimately end up saving considerably, by avoiding costly mistakes and ensuring maximum return on investment.
An audit conducted by an impartial third party will highlight any gaps in your marketing strategy and benchmark you against the competition. It involves a thorough analysis of both your external and internal marketing activities and evaluates to what degree your current strategy is meeting your business goals and sales targets.
In addition, it will identify where you might be losing money by spending unnecessarily and make informed decisions about future investment.
So what exactly does a marketing audit typically involve?
At 55 Connect, we would approach a marketing audit with the following stages:
A SWOT analysis of your business and your products or services
This would include an estimation of your brand awareness, as well as looking at how your company is perceived among your key stakeholders and influencers.
Review your marketing goals and objectives
They can be long and short terms goals and are likely to be a combination of elements, such as raising brand awareness, generating more or better quality sales leads, increasing market share, moving into new markets and building customer loyalty/repeat business.
Understand your customer base
We capture as much information as possible, including demographics and buying behaviours. We will also look at targeting new customer bases and how you best go about this.
A historical review
Looking at what has helped grow business and what has not worked so well. We can also consider some methods which may not have been tried yet, but may have helped solve some of your historical stumbling blocks or weaknesses.
A thorough competitor analysis
After identifying your top competitors, we can analyse their products or services in terms of features, benefits, pricing, market share and marketing strategy and benchmark them against yours.
Set the foundations for a plan
After listing current and future media channels that are in use, and identifying what funds are available, we can start to discuss planning and consider which channels are likely to be the best fit for your business goals, such as advertising, social media marketing, PR, events, analytics, digital communications, and so on.
At 55 Connect, we tailor our services to your requirements, and it may be that you already have some of the above covered. If so, we’ll simply work with you on the elements that you do need help with.
Clients tell us that they are sometimes guilty of being too close to their business to see things, so having an impartial third party giving your company a thorough marketing MOT can highlight areas for cost saving which you may never have considered previously.
For more information on marketing audits, please do get in touch with us today for an informal chat.
With extensive experience of working with organisations of all sizes – and on a wide range of marketing activities – 55 Connect delivers a bespoke, sustainable and successful marketing strategy for every client, one which is fully aligned to business objectives and designed to generate sales.