Welcome to Spring!
With the recent economic news indicating ‘green shoots’, a time of business growth and renewal is near.
A marketing audit provides valuable preparation for such growth.
A marketing audit is a key component of a strategic marketing plan. Essentially a marketing audit is a thorough review of all marketing activities in light of prevailing market trends. Aspects considered are sales and profit patterns; positioning, target markets, promotional activities and results. An audit assesses the success of your marketing activity and identifies opportunities for strategy refinement.
When to audit?
Measuring the results of all marketing activity and comparing against objectives should be undertaken after each campaign. Such measurement to some degree could be considered a ‘mini audit’. However, the more encompassing marketing audit should be undertaken at least once per year as part of the overall business and marketing planning cycles, coinciding with annual plans and budget preparation.
Stopping to reflect and analyse activities not only helps shape more effective strategies, but is also cost effective, ensuring marketing investment is focused and targeted. In light of all marketing factors, reasons can be considered for any activities not producing desired outcomes. These activities can be subsequently refined or eliminated in the reformulated strategy.
Ensure you are working ‘on’ your business
It is always easy to continue working ‘in’ the business but stepping away to work ‘on’ the business in this way is vital. Evaluation and assessment of all business aspects including marketing provides a strong and solid foundation for future action.
If you haven’t stopped to audit your marketing activities in the last twelve months – why not give your marketing a Spring clean and do one this month? It will refresh your strategies and activities and set your business on a strong course for the months ahead.
If you require any assistance in undertaking your marketing audit or any marketing activity – please do not hesitate to contact us. We would love to be of assistance.
We look forward to hearing from you!
Anne Sorensen is Director of Marketing Is Us, a specialist strategy marketing consultancy dedicated to facilitating business growth by providing strategic marketing solutions. She holds a Bachelor of Business (Marketing), MBA and is a Certified Practising Marketer with the Australian Marketing Institute. E: firstname.lastname@example.org