Small Businesses

How a Marketing Audit Can Help You Improve Reach

  • 5 min Read
  • November 4, 2020

Author

Escalon

Table of Contents

New marketing tools emerge every year, and many businesses adopt them to become part of the digital landscape — but not every company is using them correctly.


If you want to know whether you’re positioned to reach the maximum number of potential customers, you can better tailor your marketing programs by performing an audit of your marketing operations. This will allow entrepreneurs to see what’s working and what isn’t, and stay competitive.


A marketing audit is essentially a thorough analysis of all existing marketing goals, plans, activities and strategies. It often begins with a SWOT (strength, weakness, opportunities and threats) analysis of your business. Conducting a marketing audit enables entrepreneurs to evaluate the performance, budget and resources of their marketing programs.


Check out how conducting a marketing audit can help you improve your marketing strategies and how to perform them successfully.


Benefits of a Marketing Audit




A marketing audit enables entrepreneurs to make informed decisions based on facts, analysis and data to achieve the goals of their business. Following are the five ways marketing audits can help entrepreneurs improve their customer reach.


1. Discover Strengths, Weaknesses




Conducting a marketing audit can help you identify areas where your business needs improvement. It also enables you to pinpoint the strengths and weaknesses of a marketing program.


2. Select the Right Marketing Strategy



By identifying the strengths and weaknesses of your marketing program through an audit, you can make informed decisions about where to use your resources or employ new strategies to achieve better marketing results. A marketing audit can help business owners evaluate their marketing activities and realign them with their business goals and key performance indicators.


3. Gain New Ideas and Different Strategies



A marketing audit can help you discover new ideas and develop new marketing strategies that have tremendous potential. Thus, you can solve any underlying issues identified during the audit process.


4. Explore Your Competition



A marketing audit can help you analyze competitors’ successful strategies. Thus, you can plan how to implement them better, so your business may rise to the top. By exploring the strengths and weaknesses of your competitors, you can improve the way you approach your audience.


5. Save Time and Money



With regular marketing audits, you can optimize your investments by focusing on the activities that work best for your business. Audits can help you save time and money spent on marketing efforts that aren’t right for your brand. Thus, you can better allocate your budget to invest more in the strategies that bring you the most ROI.


How to Perform a Marketing Audit



A marketing audit is a comprehensive and systematic review of business marketing efforts, from content and strategies to ads; from SEO to optimizing social media channels, and everything in between. A comprehensive marketing audit can uncover opportunities and highlight unknown strengths in seven simple steps.


Step 1: Describe All Marketing Goals and Objectives



Clearly define your marketing goals and align them with your business objectives. Some key marketing objectives include increasing brand awareness, customer size, market share, and qualified sales leads. Create both long-term and short-term marketing goals with available company resources, such as time, budget and personnel.


Step 2: Create Your Customer Personas




Create detailed buyer personas for your ideal buyers, including things like job titles or roles, industry, geographic location, company size, and other demographics.


Step 3: Identify the Competition




List the top competitors in your industry and their business information, such as the company name, website and headquarters location. Prepare a comprehensive list of all their products and services similar to yours. Then, analyze the performance of your products or services compared to your top competitors.


Step 4: Document Your Marketing Results




Create a detailed document that contains pertinent analytics information about your marketing programs, such as traffic by different channels, click-through rates, engagement, page views and shares, content length and type, page load speed and bounce rate.


Step 5: Analyze Marketing Results



As you analyze each section of your marketing data, you can get a pretty clear picture of your company’s stance — what you should improve upon or keep doing well. A marketing audit can help you determine whether you have executed your business strategies successfully. Thus, you can ensure that the daily marketing activities you perform are supporting your business goals.



Conducting a marketing audit allows you to analyze how your current efforts and campaigns are performing and how you’re progressing compared to your competitors as months or years pass. Thus, you can monitor the performance of all your marketing initiatives, including SEO and Ads.


Step 6: Make a Plan




After analyzing the results of your marketing audit, you can make informed decisions about how to move forward. Your action plan should start by solving issues that you identify during the audit, such as resolving analytics-tracking issues. Next, identify gaps in your existing content and strengths that could generate quick leads for your business, such as optimizing pages that already have high conversion rates. Then, grasp available opportunities, such as reclaiming any brand mentions by requesting backlinks.


Step 7: Prep for the Future




With a detailed marketing audit, you can maximize your marketing activities to align them with your business’ goals and needs. By auditing regularly, you can plan a course of action for the future that best suits the needs of your business.



Conducting regular marketing audits enables your team to discover problems early and solve them. Typically, it’s best to hire a third party to conduct a marketing audit for your business. Outsourcing your marketing audit can often provide you with a detailed and complete analysis of your marketing programs.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Life Sciences

Transfer Pricing Considerations for Life Sciences Companies Expanding Globally  

Global expansion is one of the most exciting milestones a life sciences company can hit. New markets, new clinical partnerships,...

Accounting & Finance

The Role of Accounting Software in Simplifying Audit Prep  

If you have ever spent the weeks before an audit digging through spreadsheets, chasing down receipts, or reconciling accounts that should have...

Taxes

The SMB Owner’s Audit Preparation Timeline: 90 Days Out 

Three months before your audit starts is when you should begin serious preparation, not three days. Yet many business owners...

Taxes

The Cost of Waiting: Why Proactive Voluntary Disclosure Agreement (“VDA”) Filing Almost Always Beats an Audit 

Unaddressed, historical state tax exposure is often an outgrowth of being focused on building a company and not properly keeping track of  an expanding state and local tax footprint. The exposure accumulated as the...

Taxes

R&D Tax Credits for Non-Tech Companies: Are You Missing Out? 

When most business owners hear "R&D tax credit," they immediately think of software companies and biotech firms. This narrow perception costs non-tech businesses billions...

Taxes

5 Business Triggers That Should Prompt an Immediate Nexus Review 

There is a persistent myth in the world of state and local tax compliance that a nexus review is something...

Accounting & Finance

The SaaS Rule of 40: What It Means and How to Achieve It 

If you're running a SaaS business and talking to investors, you've probably heard someone mention the Rule of 40. This simple metric has become a...

Accounting & Finance

Common Audit Findings in SMBs and How to Avoid Them 

Nobody enjoys finding out that their financial audit uncovered significant deficiencies. Yet according to data from the Center for Audit...

People Management & HR

The True Cost of Employee Turnover: How to Calculate and Reduce It 

Employee turnover represents one of the most significant yet often underestimated costs facing American businesses today. While most business owners recognize that...