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Marketing audit

Marketing audit

Marketing audit

What is a Marketing Review?

To ensure the performance of the marketing plan As expected, business activities often conduct marketing audits. This process usually consists of a review of all marketing tactics and their results.

These results often include consumer response to promotion or event, cost, sales review, and other activities that stem from each tactic.

Usually, come review and update the annual marketing plan after the promotional study.

Marketing audit
All marketing tactics are reviewed to determine whether the tactic has helped grow and increase business. One important factor in this analysis is determining whether the sales generated by each ad campaign are equal to their costs.

In general, the cost of each CPL and CPS can help determine that.

Cost per lead
The cost of each potential customer is the total cost of the tactic, divided by the number of responses or queries generated by the promotion or marketing campaign on its own.

When the total promotional cost is divided by the number of completed sales, the result is the cost per sale.

For example, if a company spends US $ 10,000 on a direct mail package and generates sales of US $ 5,000, the sales cost in this case is US $ 2.

The company must also dip its place in the market, compared to its competitors, and how the current economic and social factors can affect its business.

As a result, marketing audit generally includes a study of current external and internal factors.

These factors include a study of competitor products, pricing, brand awareness, the local and national economic situation, and internal business processes.

Companies can use one or several different methods to study these factors. Common marketing audit reports include SWOT analysis, five-force analysis, and a PES study.

Marketing audit

Use SWOT to check
Using SWOT, the company lists its advantages and disadvantages, compared to its competitors or companies that produce similar products.

SWOT also includes verification of all market conditions that can help or hurt the company's chances of success. These include economic factors as well as any challenges the competitor may bring to the market.

The Company also reviews its internal processes and procedures.

Five Force Analysis
The five force analysis is a similar marketing review study of the SWOT analysis to a large extent, and in general this coordination is used to review an individual product, rather than an entire marketing plan.

Using this approach, the marketing team reviews a similar subject covered by a SWOT analysis, combining these results into five groups.

These categories are categorized as: buyers' strength, entry threat, competitive competition, supplier strength, and threat of alternatives.

PEST is another alternative to marketing audits. It is worth noting that some marketers change the order of characters in PEST and call this study STEP.

The PEST or STEP marketing review usually focuses on factors that are mainly out of the company's internal controls.

Topics include political climate, economic health, social outlook, and technology that can be used to deliver the product.


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