Marketing audit is one of the most important function of marketing besides running marketing activities and campaigns. It is a systematic and objective analysis or even a full exploration of the business. It assesses everything from strategies and targets by identifying goals, gathering data, comparison, gap analysis, action plans and a lot more. If you want your investment to perform, you must keep a close eye on its progress, right?
There are four main characteristics of a marketing audit.
- Regularity – some audits have to be performed daily, other have to be performed weekly – monthly – quarterly and the bigger ones, yearly.
- Applied to All – all the functions of marketing are part of the audit – no exceptions!
- Consistency – the should be a step by step process to ensure effective examination.
- Expert view – leverage the marketing leadership or an independent consultant.
MARKETING FACT: Marketing audit are needed to is to catch mistakes early, pinpoint tactics that are working, and build insights for the next plan. They are not meant for individual performance review!
Here are some of the elements that should be covered in a marketing audit:
- SWOT analysis
- Market research (primary keyword, secondary keyword, buyer persona, market persona)
- Competitor analysis (divided channel wise)
- Budget – Actual Plan (last year – proposed – actual in percentage)
- Leads’ Audit (definition – qualification – disqualification – attribution)
- BANT (Budget – Authority – Need – Timing) rules
- CRM dashboards
- Channels’ Audit (running, proposed and in plan)
- Dashboard Update (especially credentials)
- Campaign Audit (running, proposed and in plan)
- Vendor Audit (current and old)
- Yearly Campaigns Plans (linear and non-linear campaigns)
- Content Audit (Gap Analysis)
- Trainings Plans
Marketing audits report serves as a catalyst for the business to build long and short term goals. It covers factors like marketing performance, level of competition, opportunities and potential next steps. This comprehensive study also helps the team to uncover areas that needs oiling and upgrade. Diversify your techniques and expand your target audience with these key learnings and growth your business faster!
Drop a note in the comments section to brainstorm on any technique that you found useful or even otherwise and we can exchange notes.
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About the Author: Tanay Sarpotdar
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Marinoid has a different grammatical meaning. We coined it from two words viz Marketing + Droids. A futuristic approach to marketing. Our mascot ‘Noidy’ is designed and inspired by the movie, WALLE and shares the same emotional quotient.
PESO is an abbreviation for Paid – Earned – Shared – Owned. It is a marketing model derived to channel or organise our thoughts and efforts to include all aspects of marketing.
In simple terms, your website – your most critical asset. Focus most of your efforts on making this asset robust, scalable and simple. It should be your best replacement on the web and all your efforts should be circled around this asset.
A wise man once said – “If you throw peanuts, you will only attract monkeys!” At Marinoid, we focus on helping you achieve GTM first rather than focusing on our profits – so don’t worry we will help you regardless.
Digital Marketing is not magic. It is a science and art. Besides, there are various factors which decide ‘success’. Treat marketing as an investment centre rather than a cost centre. Understand and brainstorm as much as possible before committing to the plan.
Digital marketing is the component of marketing that utilises internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. (Wikipedia Definition)
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