Businesses get financial audits at least once a year. In some industries, operations get an external audit from various regulatory agencies, to make sure they are adhering to best practices or standards like OSHA.
But sales and marketing efforts are rarely audited by outsiders.
Why is that?
When banks and investors loan money, they want to check on performance, return on assets and other well-established metrics. But sales and marketing tend to be less rigorously reviewed even though many dollars are at risk.
Getting Under the Hood with A Marketing Audit
Does Your Business Need A Marketing Audit? An audit can help you:
- Fine tune your message to reach the right audience so you generate more qualified leads for new business
- Clarify your target audience and possibly reveal new opportunities
- Concentrate efforts to achieve stated strategic goals like increasing market share
I often start with these ten basic marketing audit questions.
- Provide a high-level overview of the company and your core business. Information such as a number of employees, locations, sources of products/services for sale, and so on.
- Share with me your brand’s standards for its identity? What is your promise? Why was the logo chosen – what does it represent? What is the company’s tagline and how is it used.
- Is there a clear consensus on who your products and services are targeted toward? Is there alignment so that everyone in the business agrees? I’m often surprised how many companies are split as to who the products are targeted for as internal fractures come to the surface.
- What are your six long-term goals in priority order for the next three years? What are your top short-term goals for the coming
- Describe in details your customer. Who are they? What do they do? If B2B, what is their job title or titles? How large is this audience? If a consumer facing business, who is it you are trying to reach based on their mindset, lifestyle, attitude as well as traditional demographics?
- Why is your product or service different? Do your customers believe that? How do you know that? What drives purchase for these clients and are you reinforcing that message in trying to reach them? How well known is your product or service difference?
- What marketing activities have helped grow your business? What evidence do you have that this is genuine and not just a feeling? What haven’t you tried that you think could be helpful? Do you see your competitors doing some marketing activity that you believe you should also be doing? Why?
- Who are your top three competitors? What are their advantages over you – and their disadvantages? Is there a clear gap in the market that none of you are offering?
- Do you have a written marketing plan or outline? What are the key drivers of the program? Are there elements that you have done year after year and not questioned? Are their activities you do because your competitor does them?
- What is the value of a new customer? How much do you current spend to get that customer through your varied activities? What is the lifetime value of that customer and what would you be willing to spend to earn their business for a year, or three or five?
An outside consultant can provide hard and challenging questions that internal staff members might be reluctant to ask. Through a well-managed marketing audit, opportunities are often uncovered, and a clear vision of how to achieve your goals can emerge. Audits can reveal wasteful spending and even under-invested spending.
A few years ago, a client I advised was trying so many new tactics, she missed out on doubling down on an area that was producing leads at five times the rate of other tactics. The audit identified how focusing on one possible topic could significantly grow profitable revenue. The CEO was just too close to see what was right in front of her eyes.
Audits can help create roadmaps so that you can get into your car and head in the direction you want to go.
Isn’t it time for a checkup?
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Could your brand use a checkup? Is it time to bring in your communications and marketing plans in for a tune up? Connect with me here. New clients can benefit from this offer while it lasts. Consult with me and I’ll help a charity of your choice.
Photo File:US Navy 091007-N-7478G-362 Aviation Structural Mechanic 1st Class Lawrence Smathers, assigned to Light Helicopter Antisubmarine Squadron (HSL) 51, performs preventive maintenance under the top hood of an SH-60F Hawk helicop.jpg Creative Common License
