Whatever the market your business operates in, it is safe to say that it is likely to be highly unpredictable and competitive and, as such, business owners cannot leave any stone un-turned in their search for growth and development.
One element often overlooked due to time or budget constraints is a full marketing audit.
By pressing pause and taking a serious look at your position in terms of the offer, the target audience, the current route to market and the actual brand. An audit can be a vital instrument to help an organisation establish its position and to identify its possible “difference” in the market as well as what resources and capacities it has as its disposal.
Conducting a marketing audit is one of the best and most sensible investments a business can make for the future.
But, what exactly is a marketing audit?
The Marketing Audit refers to the comprehensive, systematic, analysis, evaluation and the interpretation of the business marketing environment, both internal and external, its goals, objectives, strategies, principles to ascertain the areas of problem and opportunities and to recommend a plan of action to enhance the firm’s marketing performance.
The outlined definition clearly confirms the strategic and operational relevance of conducting a marketing audit, making it an instrument where businesses can dissect, analyse and assess their situation.
About the audit process
Carrying out a marketing audit can be quite time consuming and is often hard to do without bias if done internally, but it should be done by externally based skilled, experienced, and specialised marketing professionals.
Asking the correct type of questions is key to conducting a successful marketing audit. Proper R&D and the right questions unlock a business’s creative instinct and serve to stimulate the thought processes. For example, what time are we dedicating to social media and what has been the ROI?
The marketing audit also provides the business with a clear picture of its marketing function and business environment. It will help him / her to identify the strengths, weaknesses, opportunities, and threats of the business.
I believe that the marketing audit process should encourage “out-of-the-box” thinking, since competitive advantage rarely comes from doing the same thing over and over. When businesses offer the same product and service to the same market by performing the same kind of marketing, no business will grow in the long run. In fact, it is likely that others will have conducted an audit and will be reaping the benefits, possibly from your pocket.