4 Benefits of a Marketing Audit
When clients are looking for strategic marketing services, one of the first things we recommend doing is a marketing audit.
Essentially, a marketing audit is an in-depth review of your marketing plan. This includes your goals and objectives, your current marketing efforts, results and a competitor analysis.
Taking a thorough look at the aspects of your business mentioned above is extremely important because it allows you and your marketing team to determine your strengths, weaknesses, and strategize how you’ll fix what isn’t working.
What i’m trying to say here is that businesses of all sizes should incorporate a marketing audit into their strategy in order to optimize their ROI. If you need further convincing, here’s a brief overview on why a marketing audit is super important for your business.
Benefits of a Marketing Audit for your Business
1. Determining what works and what doesn’t
As mentioned earlier, conducting a comprehensive marketing audit allows you to determine what’s working and what isn’t. If your marketing strategy has numerous working parts, it may not always be easy to pinpoint which aspects of your strategy are getting the best results.
No business wants to be spending unnecessary dollars. Trust me, we know. That’s why it’s so important to find what isn’t working and either cut it out of your strategy completely or make the necessary adjustments to succeed.
2. Saving your business money
I suppose I mentioned this in the previous point, but because it’s such an important benefit, let’s talk about it a little more.
As I said, we don’t want to be spending money that isn’t providing us any benefit, and if your strategy has a lot of working parts, you may not even know what you’re spending money on anymore! That’s why it’s essential to take the time and have an in-depth review of your marketing plans and ensure that your budget is going to the right places.
3. Reminding you of your goals and sparking inspiration
We’ve all been there. Sometimes we lose track of our goals and need a little extra inspiration to bring back that spark.
When you or an outside agency conducts a marketing audit for your business, you have the opportunity to analyze your business on a larger scale than usual. By looking at old marketing campaigns, you’ll be reminded of your initial goals and have the opportunity to make campaign adjustments depending on the results and whether or not your goals have changed.
We’ve also noticed with many of our clients that when looking at the results of previous marketing campaigns, a new sense of inspiration is sparked (which we love)! Everyone can use a little extra inspiration now and then, so we recommend analyzing your own work to help recharge your goals and intentions.
4. Getting in-depth with your competition
It’s no secret that you should know what your competition is doing. As an outsider, you have the unique opportunity to gain insight into your competition’s marketing strategies without the internal bias.
One of the most important aspects of your marketing audit should absolutely include a competitor analysis. This will allow you and your marketing team to explore the strengths and weaknesses of your competition. This will help you gain more insight on your target audience and how they are responding to different marketing strategies.
If completing a full marketing audit isn’t your thing, we still 100% encourage all businesses we work with to conduct a competitor analysis.
If you’re looking for a little help with putting together a marketing audit for your business, don’t hesitate to give us a shout at firstname.lastname@example.org!