Virtually every well-established business conducts performance reviews on its employees. It’s a way to assess strengths and weaknesses as well as productivity, and identify opportunities for improvement. Think of a marketing audit like a performance review for the business; a chance to see how the business is performing brand-wise, where adjustments can be made, and how it can attract and engage customers more effectively.
Why Conduct a Marketing Audit?
From a fluctuating economy to increased market competition, there are a multitude of reasons why businesses should conduct periodic audits of their marketing activities. Here are four to start:
- Trends change. The latest crazes are just that – crazes. They come and go. What once captured your audience’s attention may not be as effective anymore. Continuing to push marketing strategies that no longer generate the best return can be waste of precious resources.
- Technology changes. Businesses like Google and Facebook are constantly updating and tweaking their algorithms. These changes affect how your ads and general content are ranked and who sees them. You must be on top of your game and commit to regularly analyzing performance, then adjust your inbound marketing efforts accordingly.
- People change. This applies both internally and externally. If there is turnover within your internal teams – marketing or otherwise – and unless your business has a strong marketing plan, your efforts can become distorted. Everyone needs to be on the same page. Likewise, as your audience’s tastes change and evolve, you need to adjust your strategies to stay current or risk losing valuable market share to the competition.
- Goals change. Has your business introduced new products? Are you marketing to a new or different audience? Have you shifted your focus? All of these factors impact marketing effectiveness, making it even more essential to conduct regular marketing audits.
Why Hire an Outside Professional for Marketing Audits?
Now you know why you need a marketing audit, but who is going to oversee the initiative? Can’t your team handle it? Maybe, but maybe not. To truly understand how your business is performing and identify areas for improvement, it can be beneficial to bring in a professional who can ensure you’re getting results you can use – and help you make sense of how to do so.
A professional consultant provides an objective view. They are unbiased because they have no personal connection to the business. There is no skewing of results to make things appear better than they are – it’s straight-forward, data-driven, evidence-based feedback. Whereas an internal team member may be hesitant to call out the business’ weaknesses, an outside professional offers constructive feedback.
They understand the big picture. A marketing audit takes into consideration both internal and external factors that can affect marketing performance, whether that is the economy, competing businesses, targeted demographics, employee advocacy, or business vision or goals. They evaluate both the macro- and microenvironment and know exactly what factors to assess.
They can identify gaps. Internal teams may be too close to efforts to see where there are gaps and where strategic and tactical initiatives may be misaligned. A consultant can recognize missed touchpoints and untapped opportunities. You may think your business has a solid marketing plan and strategy, but when everything is broken down, there may be pieces missing.
Engaging a consultant to conduct a marketing audit can not only provide your business with a comprehensive overview of your current marketing initiatives, but also provide suggestions for improvement that will ultimately generate greater return on investment. Putting in the time and effort to revise goals and plans can pay off in the long run.
YGL Enterprises offers customized marketing solutions to businesses across the Carolinas. Stop wasting time and money on initiatives that aren’t the best fit for your business. Contact us today to schedule a marketing audit to refocus your efforts and help your business thrive.Tags: branding, Comprehensive Marketing Audit, marketing, Marketing Audits, strategy