Why a Marketing Audit is Warranted
Today, marketing has become an integral part of how B2B companies grow, and the rise of digital marketing places new demands on businesses and how their marketing departments operate.
It has become the new frontier for many business owners, and often are not sufficiently informed to understand what is right or wrong within their marketing department.
An independent Marketing Audit is critical in ensuring your marketing is cost-effectively delivering the planned requirements for your business. It can also be a tool to realign your marketing with sales.
Sales Focus Advisory has conducted audits across many industries providing business owners with clarity and understanding of the standard of performance of their marketing department and marketing service providers. The results directly and positively impacting the achievement of their business goals.
What is a Marketing Audit
The audit is a comprehensive, systematic analysis and evaluation of the businesses marketing strategy, objectives and goals, communications plan, and marketing campaigns and tactics to ascertain the areas of problem and opportunities.
The marketing audit reviews some 25 contributors to marketing performance to deliver strategy and implementation. The focus is on all areas of digital marketing performance, and sales lead generation.
The Marketing Audit process is:
- Comprehensive: it covers all digital marketing and sales lead generation areas to identify where problems exist and does not focus on only a single marketing problem.
- Systematic: through an orderly analysis and evaluation of companies marketing principles, objectives, strategies and other operations that directly or indirectly influence the business marketing performance.
- Independent: the audit provides objectivity to how the marketing department and marketing service suppliers are operating to deliver the required outcomes.
- Cost-effective: the audit identifies areas of improvement where cost savings can potentially be made and increases in campaign performance.
Good business practice would have the audit completed periodically. For example, generally, companies request a marketing audit when some problem arises or a perceived lack of performance in marketing. It is recommended to have regular audits so any problems can be rectified at their source and time is not lost in poor performance.
Our Latest Insights
The impact of a misaligned sales organisation can be challenging through to catastrophic for company’s revenue achievement. To illustrate this, consider a sales force consisting of twenty-five sales people with an average revenue target of $2 million each. If 60% of the sales force meet their revenue target while the remaining 40% perform at only 90% of budget, the resulting revenue shortfall for the business is $2 million per annum that can fall directly to the bottom line profit!
As CEO, you have a critical role in ensuring sales organisation effectiveness and the final responsibility for delivering top line earning growth, which in turn drives the share price that is so integral to many executive packages today. It is your responsibility to understand the dynamics of the business and ultimately communicate and drive the strategies that will profitably grow revenue.