The marketing audit process can help your company analysis and evaluate your approaches, activities, aims and results achieved. While the process can take time, the results can reveal markets ignored or neglected. Marketers can take these results to fine tune a communications plan to help achieve greater market share.
Here is the essential information a corporate marketer needs to assemble about the company and how they do business.
- An overview of the company with details like locations, sales history, and mergers, as well as how aware and perceived the company is among buying influences.
- State the long-term priorities (next two years), as well as short-term (12 months), as they relate to marketing goals and objectives. Do you want to increase visibility? Size? Market share? Etc.
- Describe the customers you currently do business with, as well as the customers you would like to target.
- Describe your product or service, as well as the strengths and weaknesses compared to the competition. Are there any factors that affect them? What is the current awareness and perception of your product or service? How has sales or market share changed over time?
- Describe your past business and/or marketing encounters. What has helped grow the business? What has not? Was there something that was not tried but might have helped? What is your competition doing to grow their business?
- Identify three to six companies that are your competition. Describe their products/services, features/benefits, pricing, size of the company and distribution. Are you aware of their sales or market share? What is their strategy for the near future?
- Begin to outline your communications plan. List all your current media sources from advertising, promotional, media relations, events and analytics. Do you have fixed annual costs? If you have new marketing efforts, what are the funds available for these efforts? What do you consider to be the most effective medium to date?
As an advertising agency, Brigham & Rago is here to help businesses develop marketing communications plans to keep or capture new market share. The marketing audit process can help your company analysis and evaluate your approaches, activities, aims and results achieved. We look forward to working with your company to develop a powerful marketing communications program to meet your business objectives. Call 973-656-9006 to set up a meeting to discuss your next communications project. Visit our online portfolio to see examples of work we’ve created for our clients.