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When should you run a marketing audit?
Nowadays, marketing audits are crucial to detect, analyze, and correct any market deviations that may happen in the future, and to find areas of enhancement for which to act and, along these lines, to increase the organization’s productivity and profitability.
Let’s talk more about why a marketing audit is important and how it can benefit your organization:
- Feature your best assets and shortcomings in your current marketing / Communication plan
- Gives you the needed data to redistribute assets on additional helpful exercises
- Guarantees that your organization extends to the most optimal image across your digital steps
- Helps decide how to adjust your communication / Marketing intend to build its adequacy.
Now, when is the best time for a marketing audit?
1. When you're launching a new business
The marketing audit is crucial in this phase because it reduces the risk of losing investments and defines if your efforts are going to pay off. Let’s imagine you are willing to hire a community manager (you’re most certainly giving them your money) and you are expecting a ROI (return on investment), a marketing audit allows you to define what to expect and what are the KPIs that you should focus on to define when and how you will be rewarded for that.
2. When you're introducing a new product
Marketing audit in this phase will help to pick the proper channels for the new product. New products are like babies, people usually tend to be very attached and protective of their ideas and new products, which means that they often miss out on strategic details due to a lack of perception, Marketing audit helps you prevent that by providing all the needed insights for a solid and efficient strategy.
3. When You’ve bought an existing business
It is mandatory in this case to criticize the old marketing activities, to know whether you should plug the gaps for better performance or opt for a rebranding strategy since the existing business is not hitting the goals as expected.
4. When Things don’t work out as expected
In this case, you should examine your strategies to detect knots and find ways to untie it.
The marketing audit will assist you with recognizing the most important points in your methodology that aren’t functioning as expected, yet that you’re investing resources on.
Marketing audits or any type of audit usually provoke negative emotions, which are usually: fear and boredom. It takes an enormous amount of work, but it’s surely for the greater good.
If you’ve done it before then you surely know what we are talking about, if not you should start thinking about it, we would gladly help you through the first steps of your own marketing audit.
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