5 Reasons to Conduct a Marketing Audit in Your Small Business
A marketing audit is a thorough review of your marketing plan, objectives, strategies, and current activities being executed in your small business. The goal is to see what's working and what isn't so you can identify areas for improvement. A successful marketing audit will help you pinpoint your marketing strengths and weaknesses so you can make solid decisions about where to put your resources in the future.
If you don't conduct marketing audit's on a regular basis, you could be throwing marketing dollars out the window. And that's not all. Here are five more reasons a marketing audit is a good idea for every small business.
1. A marketing audit helps you realign your marketing activities with your goals.
In the day-to-day operations of a small business, many entrepreneurs are so concerned with the daily responsibilities that they lose focus of the big picture and business’s long-terms goals. When this happens, it can be difficult to recall why a specific marketing strategy was implemented, and how to determine if the business is executing it successfully. A marketing audit is a way to take a step back, return to your business plan and your marketing plan, and ensure that the daily activities you are executing support your business goals.
2. You can see what isn’t working in your business.
A marketing audit helps business owners explore all of the marketing activities currently being implemented, while determining if those activities are successful. This is a time to look at your business with an objective eye, armed with fqQacts and data gathered from your research, to make judgement calls on marketing areas where your business is underperforming. Then, you can make decisions about how to improve activities to achieve greater success, or what new tactics to employ in your marketing efforts.
3. You gain exposure to new ideas and different strategies.
A marketing audit requires a significant amount of research into your business as well as external factors. Although it may not be a primary reason for conducting an audit, the research process can be an excellent way to discover new ideas to try in your business. For example, during your research, you may discover that your competition is doing something you never thought of doing. With a few modifications and after personalizing the activity, you can develop new marketing activities that have tremendous potential.
4. You can get in-depth insight into your competition.
Successful marketing requires an in-depth understanding of a number of factors, including the market, your target audience, and your competition. A marketing audit is a great way to dig into who your competition is. By exploring the strengths and weaknesses of your competition, you can improve the way you approach your audience so your business rises to the top.
5. A marketing audit makes saves time and money in the long run.
Without this kind of regular check-in, you may be wasting time and money on marketing activities that are producing few results without even being conscious of it. Conducting a marketing audit on a regular basis helps you maximize your marketing investment by helping you focus on the activities that work best for your business.
A marketing audit generally involves reviewing all existing business documents for clarity on goals and plans, compiling a list of strategies currently being executed, gathering input from key personnel in the business, and conducting research into external factors (competition, market, economy, industry, etc.). Continue reading about a SWOT analysis to get started with your marketing audit.