What is a budget allocation audit?
A budget allocation audit is a review of your entire marketing spend to determine if your budget is being utilized properly and to consider possible ways to improve the effectiveness of your spend. My Marketing Auditors will review your monthly marketing budget allocation to determine where you are getting the best return on investment and what updates to your monthly spend can be implemented to enhance the effectiveness of your marketing.
Why is it important?
Many times we find that marketing companies pay little attention to the success or failure of an individual campaign, and rather do it rather routinely as part of a “bundle package”. For instance, many marketing companies like to offer a “social media package”, in which they charge you equally for each social media platform.
However, rarely is there any consideration into exactly how much time is being spent on each platform or what kind of return on investment the platform yields. Often, marketing teams will spend money on services that are not benefiting the client at all. At My Marketing Auditors, we utilize the budget allocation audit to ensure that the money that you spend on your marketing is being utilized properly.
Elements of a budget allocation audit
As part of our budget allocation audit, we will review in detail each aspect of your marketing services, to determine how much return on your investment the platform is returning. The marketing auditor will measure your budget spend with the following criteria:
- Cost of the campaign – How much is your marketing company charging you for each platform (e.g. Facebook, Instagram, Blogging)?
- Time put into campaign – How much time was put into each platform. Beyond the content output on, which can be superficially produced through automation, we look to see how much actual time was put into each campaign
- Value gained from the campaign – We will determine what kind of benefits you gained from the spend on each platform.
- Ways to optimize budget spend – We will look for any way to reduce your budget spend while maintaining effectiveness of the marketing.
