Hello everyone! Welcome back to my blog!
Marketing Audits are simply described as a comprehensive analysis of your business covering internal and external factors. The purpose is to uncover issues, opportunities and strategies to repurpose your overall marketing goals and improve your business.
You can focus on a particular channel of your marketing strategy like social media or your website but it’s best to consider a holistic approach with every strategy and channel analysed to maximise your potential.
It is recommend to check your strategies and gather metrics regularly to monitor issues or problems that may arise suddenly! This can be expensive if you hire an external company so bear this in mind before you choose an external marketeer vs an internal employee.
So let’s start with the list! As always this isn’t exhaustive but if you’d like me to go into more detail of Marketing Audits and how you can perform them yourself let me know in the comments below!
1. Insufficient knowledge of consumer behaviour and attitudes.
If you don’t understand your consumer then you won’t achieve the results you need! In performing audits you can identify areas that you aren’t using affectively or channels that could potentially be more successful for your Marketing needs.
2. Failing to segment the market in the most advantageous way.
Segmenting your consumer base means to choose who you want to appeal to the most and who will be the most likely to use your product or service. You also have the ability to target different; ages, genders, interests and backgrounds at the same time but with ‘targeted messaging’ that will appeal to all the segments at the same time. (Though this is more expensive in terms of needing more ad’s and messaging.)
3. Lack of a marketing planning process.
You have to implement your marketing strategy strategically if you don’t plan for both long and short term then you will inevitably lose your grip on your strategy. Many businesses fall into the trap of jumping on social media platforms without considering their overall marketing strategy and how this can fit in with their message and end up just repeating the same messages across several platforms with proper planning this can be avoided.
4. Cutting price rather than increasing value.
Choosing the cheaper or faster reward option is extremely tempting. Increasing real value is harder and requires time and planning that many businesses in the precarious position they are in during the current climate just can’t afford to do. Increasing your value can mean more cost but in the long term reaps many rewards.
5. Failing to have a market based product-evaluation process.
It is crucial to have an evaluation at every point in your marketing process. Metrics can be the difference in saving a product or watching it crash and burn. Your customers are your most valuable asset and have the feedback that you should be asking for!
6. Misunderstanding the company’s strATegy within the markeT.
The company and marketing strategy should be in sync not telling separate stories this breeds confusion and mismanagement within your company and can result in big losses. By not understanding the company’s key strengths or weaknesses within the market you are missing a key opportunity to find a USP or competitive analysis that can give you the winning edge.
7. Narrow sHort term view of advertising and promotion.
Advertising and promotion should be a constant long term within your strategy. Viewing it within the short term will make it harder to achieve the results that you will be looking for to build a Brand you must think in the long term. It’s about building trust and rapport with your consumers not short term bursts every time you launch a new product.
8. TendEncy to view marketing as only advertising or sales.
As mentioned above and in other posts to build a successful brand you have to build rapport and trust with your consumer base. It is not just selling to strangers or advertising on TikTok and Instagram. Marketing encompasses your business; ethics, ideals and beliefs and creates an image that your consumers can relate with on a long term basis.
9. An organisation structure that is incompatible with the marketing strategy.
If your organisation and marketing clash then it will result in big losses all round and jeopardy for the longevity of your organisation. With proper training and strategy in place this can be avoided alongside a clear concise marketing plan.
10. Failing to invest in the future.
Businesses should always invest in future planning and strategy with many focusing on products and innovations. Human Resources can often be overlooked but without investing in your workforce you could end up heavily disadvantaged with employees choosing to work elsewhere!
As I said above this is in no way an exhaustive list! What are your experiences with marketing audits? Please leave a comment below!
Thanks for reading!
Marketing Explained 