What is a Marketing Audit?
A marketing audit is a systematic, wide-ranging, independent, and periodic review of a company’s marketing objectives, environment, strategies, and activities. The purpose of an audit is to find problem areas, improvement opportunities, and develop plans to increase a company’s profitability.
Why You Need To Audit Your Marketing Function?
Most small business owners do not bother with executing a marketing audit. As a result, they do not realize how much business they lose to their competitors. If you are one of those business owners who has not completed a marketing audit, we encourage you to explore the content on our website. Our content covers marketing analytics, tools, how-to’s, and tools to allow you to operate your business efficiently, profitably, and maximize customer acquisition.
How Your Business Can Benefit From A Marketing Audit?
Here are a few benefits of an audit:
- Helps you to understand your customer’s needs, motivations, and interests. The alignment of your products (or services) attributes to your customers’ pain points will help you retain existing customers and grow your customer base.
- Provides the owner and management with valuable insights into how the business is performing. There are tools and metrics that can help you test the results of a particular strategy. An audit will give you tangible evidence about how well your business strategies are working (or not). Sometimes, the strategy is sound, but the execution is poor.
- Decision making is a critical process in every business. Managers need accurate and up-to-date information during business strategy execution. For example, you could find out one of your key marketing initiatives is underperforming (i.e., over budget, results below revenue projections, high customer churn) which could affect the overall health of the business.
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