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If you’re using a crystal ball, flipping a coin or shaking a magic 8-ball to make decisions for your advertising, hoping that the “signs point to a yes”, you may be in dire need of a comprehensive marketing audit.
There are a significant number of benefits in it, so let’s start with the basics: what exactly is a marketing audit?
A marketing audit is a complete and detailed review of a company’s marketing efforts, strategies, and results.
It can be conducted by an internal marketing team, or to eliminate any potential bias, it’s always best to use an external marketing consultant.
"Marketing without a plan is like driving without a map"
A marketing audit can help identify strengths and weaknesses in a company’s marketing strategy, and provide insights on how to improve performance.
An audit can take anywhere between 2 to 4 weeks to gather and analyze the processes and data; it should be done during and after working hours, with full confidentiality agreements in place, and generate tangible unbiased information about your marketing effectiveness.
Key elements include:
Marketing trends are continuously evolving, and it can be hard to keep up with the latest buzzwords and best practices.
Businesses can use the latest and greatest tactics and strategies to reach their audiences, even if sometimes, these trends can be a little bizarre. More pointedly, what worked in the past most likely will not work in the future, and just because someone else did it successfully, it doesn’t mean you will also find success doing the same thing. This is because consumer preferences tend to change over time.
Marketing is all about experimentation, and sometimes the weirdest ideas can be the most successful.
An unbiased review of your competition can also give you insight as to what you’re doing right, or wrong, and what can be improved to stay ahead.
The backbone of any successful marketing campaign is how well it can be measured. These are the desired outcomes of your marketing efforts.
For example, your goal might be to increase brand awareness, while your objective might be to generate 1,000 new leads from a specific marketing campaign.
How realistic is it to become the king or queen of your industry, with a loyal following of customers and fans. But more importantly. What is it going to take, over how long a period of time.
Ultimately, everything should lead to creating a strong emotional connection with your customers, building brand loyalty and trust.
Marketing strategy is the game plan for your business. This includes tactics and techniques you use to promote your products or services to reach your target audience. Think of it like a game of chess – you’re strategizing your next moves to stay one step ahead of the competition and win over your customers.
You don’t have to be a master strategist to succeed; the key is to find a strategy what works for you and your business.
The fun aspect of marketing strategy is the creative side of things, and though you need to be analytical and data-driven to succeed, you also get to flex your creative muscles. There’s no limit to creativity except imagination itself.
These are the practical steps taken to implement a marketing strategy.
For example:
Social media marketing such as using social media platforms like YouTube, Tik Tok, Facebook, Twitter, and Instagram to promote your brand, products or services. Social media marketing can include creating and sharing engaging content, running social media ads, and engaging with followers and customers.
Email marketing: This tactic involves sending promotional emails to a targeted list of subscribers, with the goal of building relationships, increasing brand awareness, and driving sales. Email marketing can include newsletters, promotional offers, and personalized messages based on customer data.
Content marketing: This tactic involves creating and sharing valuable, informative content with the goal of attracting and retaining a target audience. Content marketing can include blog posts, videos, podcasts, infographics, and other types of digital content that are relevant to your target audience.
Other examples of marketing tactics include influencer marketing, search engine optimization (SEO), paid search advertising, event marketing, and direct mail campaigns.
Focus on ROI: When deciding how to allocate your marketing budget, focus on activities that have a high return on investment (ROI). This might mean investing more heavily in channels that have proven to be effective. It’s also important to measure and analyze your results regularly, so you can adjust your strategy and tactics based on what’s working and what’s not.
Be realistic about your resources: It’s easy to get carried away when planning a marketing budget and want to do everything at once. However, it’s important to be realistic about your resources and what you can actually accomplish with your budget. Consider the size of your team, your level of expertise, and the time and effort required to execute different marketing tactics. Prioritize the activities that will have the biggest impact, and don’t spread yourself too thin.
Plan for contingencies: No matter how well you plan, unexpected expenses and challenges can arise. That’s why it’s important to build some flexibility into your marketing budget. Plan for contingencies by setting aside some funds for unexpected expenses, and be prepared to adjust your strategy if circumstances change.
Monitor and adjust: remember that your marketing budget is not set in stone. As you implement your marketing strategy, monitor your results and adjust your approach as needed. This might mean reallocating resources to different channels, adjusting your messaging, or experimenting with new tactics. The key is to be flexible and willing to adapt to changing circumstances.
Understanding and tracking key marketing metrics is essential for measuring the success of your campaigns and making informed decisions about your strategy.
Conversion rate measures the percentage of visitors to your website or landing page who take a desired action, such as making a purchase or filling out a form. This metric is a key indicator of how well your website and messaging are resonating with your target audience.
Cost per acquisition (CPA) measures how much it costs to acquire a new customer. This metric is calculated by dividing the total cost of your marketing efforts by the number of new customers acquired. By monitoring CPA, you can determine which channels and tactics are most effective at driving new business.
Return on investment (ROI) measures the financial return on your marketing investment. This metric is calculated by dividing the revenue generated by your marketing efforts by the cost of those efforts. A positive ROI indicates that your marketing is generating more revenue than it costs, while a negative ROI means that you’re losing money.
Engagement metrics such as likes, comments, and shares on social media, can give you a sense of how well your content is resonating with your audience. These metrics can also help you identify opportunities to improve your messaging and engagement over time.
In today’s digital age, having a strong online presence is essential for any business. Evaluate your website, social media profiles, and other digital channels to ensure they are optimized for search engines, user experience, and engagement. Consider leveraging digital marketing tools such as SEO, PPC, and social media advertising to drive traffic and conversions.
Analyze your marketing channels: Review your marketing channels, including email marketing, content marketing, and paid advertising. Are these channels effectively driving traffic and conversions? Are there any gaps in your marketing mix that need to be addressed? Consider testing new channels and tactics to identify opportunities for growth.
Review your analytics: Use analytics tools to measure the effectiveness of your marketing campaigns and track key metrics such as traffic, engagement, and conversion rates. This data can help you identify areas for improvement and make informed decisions about your marketing strategy moving forward.
Develop an action plan: Based on the findings of your marketing audit, develop an action plan to address any gaps or weaknesses in your strategy. Prioritize the recommendations that will have the greatest impact on your business and allocate resources accordingly.
Don’t use a magic 8 ball to make business decisions. Use data. It’s everywhere, and it’s easy to understand when you know how to connect the parts.
By conducting a marketing audit, you can identify opportunities for growth, optimize your marketing strategy, and drive business results. Remember to regularly review and update your marketing strategy to stay ahead of the competition and achieve your business goals.
We are specialized marketing consultants focused in growing businesses, driven by data, not opinions.
We review and analyze marketing operations across North America, providing insight to our clients about efficiencies and opportunities, affirming sales funnels, optimizing buyer’s personas, improving Google ad campaigns, and energizing social channels with better content engagement that increase sales.
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