MWThe Marketing Audit - Back to Basics
Often, when things are not going as well as they could or perhaps opportunities are being missed, the best thing to do is refer back to the basics. This brings us to the need to assess where we are before we move to the next level of our business development.
A fundamental part of the planning process for a business seeking to develop a marketing plan is the coordination of a Marketing Audit. The primary function of the Marketing Audit it to systematically examine each element of the company's marketing mix to determine the viability of the marketing components to the overall business objectives.The focus of the Marketing Audit is to provide:
- A snap shot of the business
- An internal examination at the way marketing is managed and planned
- Identify areas where more marketing effort is required
- A review of existing and past marketing activities
- An examination of what has worked and what hasn't and why
- Opportunities to be exploited
- Marketing Focus and direction
- External influences such as competitor review, finding effective benchmarks of 'best practice'
- Recommendations that can be made to make marketing strategies more effective
- Examination of company marketing structure
From the audit review process, priorities are assembled in a report along with a prioritized action plan
Conducting the Marketing Audit:
When conducting the Marketing Audit, it's best to involve a variety of key stakeholders, both internal and external. Having an independent audit provides a more thorough and cost effective result as the biases are removed and new eyes take on a company 'holistic' approach. Marketing World works through a varied process to quickly identify areas of opportunity for your business within your specified industry.