A look at how a marketing audit can benefit your business
Navigating the ever-changing world of marketing, social media and online presence can be a challenge for any company. Is your website optimised? Are you investing in the relevant channels? Is your social media getting the engagement you expect?
In today’s current market and with hospitality businesses reopening after long periods of enforced closure, reviewing your marketing strategy is more important than ever. You wouldn’t go a year without servicing your car or auditing your accounts. Marketing should not be treated any differently.
What is involved in a marketing audit?
A thorough, well-conducted marketing audit is a full analysis of all areas of your marketing to establish areas that are working well, as well as those that may need improvement. When you undertake an audit, you review your objectives, marketing activities, current market, competitors, audiences and key performance indicators so that you can develop a greater understanding of your brand and how to market it effectively.
The benefits of reviewing your marketing activity
Bolster your strengths: The process of reviewing and detailing all your messages, channels and target markets will enable you to get an accurate picture of whether each element is working in synergy with your strategy or hindering your efforts.
A successful marketing audit will highlight what is and isn’t working for your business – and give insight into what your competitors are doing too. Identifying strengths and weaknesses within your current marketing mix will enable you to come up with agile strategies to move your brand forward in the market, supporting the development of a more impactful marketing budget and communications plan.
Reinforce your brand positioning and target audience
In addition, an audit will highlight issues that might affect the way your business is perceived. In the current climate, it is essential to have a strong awareness of your USPs and your audiences, and especially how these might have changed over the last year. The pandemic and enforced lockdowns have changed how people live, work and travel, and it is essential to go under the skin of your audience to find out whether your current marketing activities fit the ‘new normal.’
The size of your business – or the size of the marketing budget at your disposal – doesn’t really matter. An audit can pinpoint which of your efforts are effectively driving the sales you want through your desired channels, and which may not be working as efficiently as expected. This data is key to providing an effective rationale when requesting your next marketing budget.
A brand audit is a way to make sure your practices are lining up with your goals and your key performance indicators to provide the ultimate outcomes – drive revenue, increase the number of bookings you generate and attract your key target market.
By investing in a marketing partner to do the audit for you, you will end up with honest answers, a clear path for improvement and a professional opinion that will cement your goals, focus your team and help you develop a marketing mix that your customers will find highly attractive.
Find out how Custard’s hospitality marketing experts can support your business with a marketing audit here.