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The marketing audit is
to the marketing department what a financial audit is to the accounting
department.
A comprehensive review of a company's marketing environment,
objectives, strategies, and activities compared to world class standards, the marketing audit identifies
operational strengths and weaknesses and recommends changes to the company's
marketing plans and programs.
Here are 10 of 25 key dimensions a marketing audit should assess:
- Key factors that impacted the business
for good or for bad during the past year.
Including an evaluation of marketing "surprises"—the unanticipated
competitive actions or changes in the marketing climate that affected
the performance of the marketing programs.
- The extent to which each decision in the
marketing plan—e.g. targeting, positioning, pricing, advertising,
etc.—was made after evaluating many alternatives in terms
of profit-related criteria.
- Marketing knowledge, attitudes, and satisfaction
of all executives involved in the marketing function.
- The extent to which the marketing program
was marketed internally and bought into by top management and non-marketing
executives.
- Customer, distributor, vendor, and intermediary satisfaction based on research among key target groups.
- The performance of advertising, promotion,
sales force, and marketing research programs in terms of ROI.
- The performance of non-traditional programs, particularly digital offerings, in terms of ROI.
- Whether the marketing plan achieved its
stated financial and non-financial goals and objectives.
- Which aspects of the plan that failed to
meet objectives with specific recommendations for improving next year's
performance.
- The current value of brand and customer
equity for each brand in the product portfolio.
Read about our marketing audit services for more on how you can, accurately and actionably, evaluate your marketing plans and programs.
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