Why Your Business Needs a Marketing Strategy Audit Now

You’ve probably heard time and again that much of the success of your business depends on the strength of your marketing strategy. With that being said, we can probably agree that your marketing strategy deserves some serious, top-notch attention. So when is the last time you’ve taken a good look at your marketing strategy? Better yet, when is the last time you’ve updated it? If you honestly can’t remember or have started sifting through floppy disks to find it, then we need to talk — now.

What is a Marketing Strategy Audit?

According to author and marketing strategist, Bruce Clark, a marketing audit is “a comprehensive, systematic, independent and periodic examination of a company’s or a business unit’s marketing...designed to evaluate marketing assets and activities in the context of marketing conditions, and use(s) the resulting analysis to aid the firm in planning.” Put very simply, it’s a check up of your marketing activities and the market conditions in which you operate. A good marketing audit will identify the strengths and weaknesses of your existing marketing plan and identify opportunities for improvement.

Who Should Conduct a Marketing Strategy Audit?

While periodic audits can and should be conducted frequently by in-house staff to ensure that marketing programs and initiatives are staying true to your overall marketing goals and brand message, there is great value in having an occasional third party review. Regular in-house audits will allow you to make corrections and/or act quickly on opportunities, but comprehensive third party audits conducted by dedicated marketing firms can provide a fresh perspective that simply isn’t available within your company. Sometimes a new set of eyes is all that’s needed to identify issues that are costing your firm money or opportunities or to find a new direction that sets your company on a path toward greater success.

Why Do I Need a Marketing Strategy Audit?

Honestly, the answers to this question are too numerous to list, but here are some of the most common reasons. 

  1. Confirming your business goals
    A strategy audit will confirm that your marketing plan and programs are inline with your overall goals for the business. If they’re not, this will be your opportunity to put things back in order before too much damage is done. 
  2. Learn your customers… and your competition
    An audit helps you see your customers in a new light, and evaluate your competition. In turn, this will provide more clear insight about crafting better messaging for your company, identifying new market and revenue opportunities, and so much more. 
  3. Save time and money in your marketing budget
    Finally, an audit will have you save both time and money as you identify the strategies that are and are not working for you so that you can shift your resources to activities that show the best potential return.
On a small and large scale, marketing strategy audits are a smart investment of your time and resources. A regular review of your marketing assets, activities and environment will serve your business well not only by saving you from costly mistakes, but by uncovering potential opportunities for success in the future. For more information on marketing strategy audits, contact us today.