If you are like many entrepreneurs, you are still making your resolutions for the New Year. What can you do to get your business off on the right foot for 2016? One idea you probably haven’t considered is a marketing audit.
What is a Marketing Audit?
A marketing audit is a detailed analysis of a company’s marketing department and strategy. The audit focuses on identifying areas of weakness and new opportunities.
Marketing audits are often conducted by an independent agencies or consultants. The benefit of hiring a third-party company to do a marketing audit is that they can look at your practices more objectively. You and other members of your organization may have blinded yourselves to failings in your marketing strategy, because they have become so strongly integrated into your organization.
Benefits of Marketing Audits
Marketing audits can make a big difference when you need to flush out issues with your marketing strategy. Here are some benefits to be aware of.
Make More Impressive Pitches
According to a recent study, 28% of venture capitalists said that the biggest mistake entrepreneurs make is failing to have a well-thought out marketing plan. You may not realize how anemic your marketing plan is until you conduct a marketing audit.
Ensure Your Brand is Consistently Moving Towards Goals
You should have established a set of marketing goals when you created when you founded your company. You want to make sure that you are consistently working towards those goals. If you feel that any goals need to be abandoned, then you should have a good reason for doing so.
Your marketing audit will help you monitor your progress and identify key areas where your marketing plan needs to adapt.
You Determine the Cost-Effectiveness of Your Marketing Efforts
Brands often become fixated on certain marketing channels out of a sense of tradition. They rarely stop to analyze their strategy to make sure that their efforts are cost-effective. By conducting a marketing audit, you can identify components of your marketing strategy that are needlessly draining your budget.
You Reacquaint Yourself with Your Product
When you first developed your product, you were probably incredibly proud of it. Over time, the concept probably become a bit fuzzier in your mind as you focused on other things. You may have found yourself stumbling over your words after customers and investors asked for more information about it. Marketing audits help remind you about your product, so you can describe it more confidently and articulately.