Taking a ‘Deep Dive’ into Your Business:
Unveiling the Path to Marketing Success
Are you running a business, putting in hard work, but feeling a bit lost in the world of marketing? This is a common starting point in many of my client conversations. The first crucial step I advise them to take is to conduct a thorough marketing audit – a deep dive into their business. Understanding the current state of affairs will pave the way for defining objectives and crafting an effective marketing strategy.
Now, you might wonder how to conduct this marketing audit for your specific business. Well, it can differ based on your industry, business lifecycle (startup, growing, mature), and the available analytics and measurement tools for your marketing efforts. To guide you, here are some questions to ask and factors to analyze:
- What are your existing objectives or goals? Have you set targets previously, and how well has the business performed against them? Consider marketing metrics and analytics, such as reach, engagement, clicks, conversions, customer and prospect inquiries, number of proposals, value of sales, ROI, and profit margins. The specific measurements will depend on your industry, marketing strategy, and sales process. Having a few key metrics to track will be invaluable while developing your marketing strategy.
- Have you identified and segmented your target markets and audiences? Look into demographics, geographics, and economic factors. Creating a customer avatar – a representation of your ideal customer – can be helpful.
- Products and services – what do you sell, and what is the market demand? Assess the uniqueness of your offerings and define your key value proposition. If you have multiple products or services, evaluate how they are performing individually. You might discover that one product is generating a significant portion of your income. Also, focus on delighting your customers through your product range and excellent service.
- What is your brand identity, brand values, and culture? How do your target markets perceive your brand?
- Is your pricing reflective of the value your product or service offers? Ensure your pricing aligns with the perceived worth and meets customer expectations.
- Examine your marketing tactics and channels. Evaluate their effectiveness, and circle back to the previously identified metrics. Assess your content strategy and key messaging to see if they resonate with your target audience and add value to existing clients.
- Conduct a competitor analysis. Study your competitors’ strategies, how they differentiate themselves, and the marketing tactics they employ.
- Take note of external influences, such as government legislation, technological developments, and economic factors that may impact your marketing strategy.
- Once you have gathered the necessary information, conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). This analysis will highlight what’s working well, areas for improvement, and potential opportunities to capitalize on.
- Armed with the insights from the marketing audit, you are now ready for the next step – redefining your objectives and crafting a well-defined marketing strategy that aligns with your business goals.
Taking the time for a comprehensive marketing audit is a crucial investment in your business’s success. It sets the foundation for informed decision-making and ensures your marketing efforts yield the desired results. So, gear up for success by diving deep into your business, and you’ll be ready to take on the challenges and opportunities that lie ahead.
If you would love support to conduct a marketing audit, do reach out.
