How To Conduct A Marketing Audit In 6 Easy Steps
Conducting a marketing audit is an essential part of any marketing plan. It allows you the opportunity to take a step back and analyze your entire marketing mix and optimize as needed. To conduct a marketing audit:
1. Gather all relevant marketing properties
You need to compile a complete list of everything you have done to market yourself, including social media, blogs, etc. The level of detail is really up to you, but remember, the more data you have to work with, the more accurate the findings of your audit will be. A 6-month retrospect is recommended.
2. Decide what data is most relevant to your marketing goals
It’s important to know questions you want to answer before you begin sifting through the data. Decide what data is most important to your marketing goals and proceed with your data analysis accordingly. Example: advertising spend versus leads and sales, or average number of interactions with a social media post. There may be several questions you want answered, so prioritize by the level of importance.
3. Decide how you want to measure the data.
How do you measure a success? What is the ROI, return on investment that you are looking for? Example, if you looking at social media, is it new page likes, or post shares or an aggregate of all 3? Now compare that to how much you spent on that platform.
4. Interpret your results
Are my strategies working? Were the successes enough to justify the amount spent on the platform? Should I increase the budget, reduce the budget, cut the budget? Is there anything else I need to adjust?
5. Optimize accordingly
There are a great number of digital properties that be reviewed and optimized during a marketing audit. Generally, it is a good idea to make small maneuvers, analyze the results, adjust accordingly and repeat.
This should be an ongoing process. A marketing audit should not be a one-off event. It is something that should happen frequently and across many variables. You should consistently be reviewing your data and looking for ways to optimize. To learn more about how to conduct a marketing audit in 6 easy steps, contact My Marketing Auditors today.