Many online businesses are guilty of believing they have a solid marketing strategy and once they have implemented this, they no longer need to keep tabs on it.
Those businesses may reason that the strategies they are using like email marketing and newsletters are tried and tested methods and they probably can even see results streaming in.
The businesses do not bother with a marketing audit and they do not realize that there is a lot the business is missing out on because they are not carrying out an audit.
If you are one of those business owners who do not carry out online marketing audits, you need to read this article to the end and possibly after that, you will start periodic audits.
Top 5 Ways a Marketing Audit Benefits Your Business
Here’s how an online marketing audit can help your business:
1. It Helps You Understand What Your Audience Is Interested In
Your audience is the target of all your content marketing, it is important that you know what they are interested in. If you are producing a monthly newsletter, for example, you need to know that the content in those newsletters is relevant to the audience.
When you perform an audit, you will be able to notice what content gets the most attention. For example, after you send a newsletter, you would see which link is being followed more than the other. This can give you insight into what the audience enjoys reading or finds relevant to them. Then, you can tailor more content that is similar to what they are interested in.
2. It Gives You Insights into What’s Working and What Isn’t
The online audit is like a performance evaluation for every strategy. There are tools that can help you see what results a particular strategy is bringing in. Not every strategy is going to be of use to a business. Sometimes a strategy may even be doing the opposite of what you would want it to do.
The audit will give you clear evidence of how well a strategy is performing. This can then help the business to either decide to stop one strategy and concentrate on another or to pull up its socks and improve the strategies that are not working.
Sometimes a strategy may not be the problem, but the way it is being implemented, in such a case, a business is able to readjust the implementation of its strategies to ensure they are executed better for improved results.
3. It Lets You Evaluate Performance and See Room for Improvement
An online marketing audit will also show the overall performance of a business. The audit can reveal, for example, how the business compares to the competition. You can see if your business is ahead of the competition or still has a lot of ground to cover.
Your business might be seated back relaxing because it can see some results from its marketing efforts, yet the figures might show that the competition is steadily improving. That would mean that the business needs to investigate further to find out why the competition seems to be doing better and why it is declining.
Eventually, the business can take action to recover its market position.
4. It Helps in Making Informed Decisions
Related to evaluating performance is making decisions. A business needs to make decisions based on the data it has. An audit reveals what changes need to be made. Businesses that make decisions based on up to date information from audits, usually end up succeeding.
There is a lot of information that can be retrieved following a marketing audit and this information drives decision making within the business, right from what strategies to implement to how much to spend on marketing.
5. It Saves Time and Money
If the business is making informed decisions, it is most likely going to save time and money since useless strategies that may not be contributing to the business success can be halted and more time and money can be spent on those that bring in money.
For example, you could find out that the business is not benefiting from its pay-per-click campaigns and that could lead to a cancellation of further campaigns so that more money can be spent on organic search which delivers more results.
Conducting an online marketing audit can be compared to a human having a general health check, which determines how well all vital organs are faring and whether there may be any disease that needs attention. A business audit will tell you what is going on in your business, both externally and internally.
The audit can be as detailed as the business needs it to be, with every marketing strategy scrutinized and all the information about that strategy extracted. In the end, the business is able to find solutions to problems detected as well as boost efforts that are promising.