Posted on: March 2, 2020 Posted by: flaviaantonescu Comments: 0

Why is Marketing Audit important?

What could you be doing differently this year to improve your business growth? The best strategy is to start with a marketing audit and see how your company’s marketing efforts could be tweaked and improved to help you achieve your growth objectives.

When you decide to do a marketing audit you could do it yourself or you could get somebody from outside your organization to come in with fresh eyes. Marketing experts can spot all sorts of things that you just can’t see yourself. The other benefit of having somebody from outside your organization coming in is gaining the benefit of experience from other industries and other businesses. This enables you to apply learning and best practice that you’ve not yet been exposed to. It’s also easier to question why you’re doing things the way that you are. It’s easy to fall into that trap of we’ve always done things this way so we will continue to do them this way. With somebody outside your business looking in it’s easier to come up with fresh ideas. You can choose to have a limited audit or a full audit. There’s something to fit your budget regardless of which one you choose.

They both look at two types of factors. The external factors that are impacting your marketing and that include things such as the competitive landscape and the market influences. The market audit will also analyze the internal factors that are impacting a company’s marketing such as the marketing systems and the technology stacks. What are you using that’s helping your performance or hindering or how can you do things differently to reduce your costs.

An audit company also analyzes the people of the company, the skills that they have, the skill gaps and how those need to be filled. The marketing audit also focuses on the company’s marketing performance and past performance to find the best way to make the necessary improvements. No matter the size or the stage of the business, the marketing audit will offer a fresh perspective, identify the problems the company didn’t even know existed and improves the results. To learn more about this topic read my latest blog post about the challenges the brands are facing in terms of branding and product management.