IMPORTANCE OF A MARKETING AUDIT
IMPORTANCE OF A MARKETING AUDIT
Chief Marketing Consultant
Chartered Marketer For Hire
The first question I get from business owners and executives when I recommend a marketing audit is “what is a marketing audit?”. This is a reasonable question!
Let me quote Philip Kotler, “A marketing audit is a comprehensive, systematic, independent and periodic examination of a company’s – or business unit’s – marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance”.
So it must be comprehensive, systematic, independent and a periodic examination.
It looks at all areas of marketing, follows a prescribed process, should be done by a person independent of the firm marketing department and should be done on a fixed schedule.
Executive management needs to determine if the Internal Audit department or anyone internally has the qualifications and experience to effectively perform this role and if not, it may be best to hire an external Marketing Consultant, with fresh eyes and a broad perspective.
A marketing audit usually entails an audit of the marketing environment, marketing strategy, marketing organization, marketing systems, marketing productivity and marketing functions.
These will be rated as poor, good or excellent.
The current situation will be documented and strategies recommended to improve deficient areas. This will result in tangible benefits:
- Marketing re-alignment
- Better customer satisfaction
- Marketing effectiveness and efficiency
- Higher Return on Investment for your scarce marketing dollars, etc.
To me, a marketing audit is very important and should be done before you prepare your next Marketing Plan or Business Plan. You should not do your Marketing Plan or Business Plan until you have done a Marketing Audit.
In my view it is more important than a financial audit, systems audit, tax audit etc. The reason being is that these other audits relate on historical transactions and systems after money has passed through the organization.
Without revenue the business will not survive. Without profitable revenue, then sales efforts would not be worth it.
Marketing satisfies customer needs profitably and results in sales and cash flow, key to the survival of firms of all sizes. It is the key leading activity that must be gotten right all the time and marketing systems and messages must remain aligned to the market, trends and customer dynamics.
Sales or personal selling is one of the elements of the marketing mix. Yet many companies focus only on sales or more on sales and less on marketing, when marketing results in more sales. Customers won may be lost as fast as won, because the marketing infrastructure is weak.
When was the last time your business or company performed a marketing audit? Are you comfortable with your results? Would you like to take your business to the next level? Are you flatlined? Do you need a fresh injection of ideas from a fresh pair of eyes?
Then a Marketing Audit is necessary! Get one today!
Marketing Audits are offered by Chartered Marketer For Hire a division of Stratking Advisory Services Inc.
About DANE KING,CMA,CPA,CGMA,Chartered Marketer
For over 20 years Dane had been helping professionals, professionally owned businesses, services firms and major corporations grow revenue, increase profits, manage operations and reduce taxes. His mission is to make a difference in people’s lives and increase business profitability.
Dane is a Chartered Marketer, Certified Management Accountant (CMA), Chartered Professional Accountant (CPA),Chartered Global Management Accountant (CGMA), Professional Business Accountant (PBA), Chartered Management Accountant(ACMA,UK), and Financial Management Advisor (FMA).
He is an author and public speaker on a variety of business, marketing, strategy, tax and marketing issues.
He can be reached at 1-888-865-3870 or firstname.lastname@example.org