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 pinpoint your marketing strengths and weaknesses to identify areas for improvement.
Here are some reasons to consider doing a marketing audit for your small business.
- Realign your marketing activities with your goals.
Most business owners are caught up with daily responsibilities that they lose focus of their long-term goals. A marketing audit is a way to return to your business plan and your marketing plan to ensure that your daily tasks are executing support for your business goals.
- What isn’t working for your business.
A marketing audit helps owners explore marketing activities being implemented, while determining if those activities are successful. This is a time to make judgement calls on marketing areas where your business is underperforming. Then make the decision of how to improve activities to achieve greater success.
- New ideas and different strategies.
Conducting a marketing audit requires a significant amount of research into your business. The research process is an excellent way to discover new ideas to try in your business. This will help you develop new marketing activities that have potential.
- In-depth insight in your competition.
Successful marketing requires in-depth understanding of your market, your target audience, and your competition. A marketing audit is a great way to find who your competition is. Exploring the strengths and weaknesses of your competition can improve the way you approach your audience.
- Save you money in the long run.
Conducting a marketing audit on a regular basis helps maximize your marketing investment, helping you focus on the activities that work best for your business. If you don’t check this often, you may be wasting time and money on marketing activities that aren’t producing results.