Marketing audit
A marketing audit is an analysis, done according to a plan, that supports decision making based on facts, learning, insight, and data.
It was over a hundred years ago that John Wanamaker, a Philadelphia merchant, opened one of the first department stores. Then, he bought the first ad.
Above all, he is a marketing pioneer credited with saying: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” If John had done a marketing audit, he would have known.
Here are 7 great expectations from a marketing audit.
1. Reestablishes or establishes goals
First, your marketing should have goals. But goals get clouded. So a marketing audit puts you on the right course again. By reestablishing or establishing why your organization is doing this. That’s because the findings and data in the audit give you a real time reminder and proof.
2. Identifies what’s working. And what’s not
You likely have elements of your marketing that are working. And some that aren’t. For example, your marketing might be driving more visitors to your website. But not enough are taking the actions you want. An audit tells you what you need to keep doing, stop doing and add.
3. Creates competitive advantages and differentiation
From what worked and didn’t, strengths and weaknesses emerge. As a result, you make comparisons versus competitors. For instance, do they use Google Ads? Or Facebook Ads. Videos? How? In addition, how is their messaging similar or different. As a result, the audit shows what your organization does well, not as well, similar or different from your competition.
4. Uncovers inefficiencies from a marketing audit
Either from competitive intelligence, available norms or key metrics like Cost Per Acquisition (CPA), an audit reveal if what you’re doing is financially worth it. Or could be improved. For example, let’s say your profit from the sale of an item is $25. But the audit shows $20 is required to get the customer to buy. The audit should also show what is the efficient CPA. Or how that $20 CPA could result in multiple or recurring purchases that justify the cost.
5. Recharges strategy and direction
A marketing audit isn’t a dense, granular exercise. It’s an inspiring one. That’s because the finding should reinvigorate your marketing effort. And provide a fresh start. Above all, one that establishes clear direction for the the foreseeable future.
6. Improves results from a marketing audit
Don’t sit on the summary and recommendations from your audit. Put them to work, The faster, the better. This validates their use and provides the proof points. Most important, it gives your organization better results right away. Isn’t this why you did the audit in the first place?
7. Gives the key metrics to sustain success
Pursue an audit, periodically, especially if your marketing has issues like John Wanamaker did. Because they involve an overhaul, organizations do not do them, routinely. Therefore, there has to be an actionable scorecard of Key Performance Indicators (KPIs) coming from the audit to keep the strategy and the recommendations on track.
Do these expectations match yours? When was the last time your organization did an marketing audit?
