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Marketing Audit

Based on questionnaires obtained by the opinions of marketing experts, it has been determined that marketing audits are a paramount factor in business success.[1] A marketing audit can be an important tool in discovering potential risks within your business’s activities. Within the marketing industry, understanding how or why to market to a certain demographic is a key component to creating a successful marketing plan. To conduct an effective marketing audit, the method should have four major characteristics which include it being comprehensive regarding function, environment, and productivity; independent from decision-making managers; completed using a structured, systematic approach; and that it should be carried out on a periodic basis. A marketing audit can improve your marketing management and business problems by helping to assess and evaluate your business’s marketing ability, strategies, performance and effectiveness, problematic areas, and opportunities.

Having the ability to find and understand your customer, competitor, and product potential will make the process of marketing your product or service much easier. A problem often found in businesses is that they don’t develop marketing strategies or perform preemptive audits. These businesses come to realize, in the middle of their marketing efforts, that they have no real plan or a way to monitor the effects of their marketing campaigns. Having a plan of action serves to pace and organize your marketing efforts. Regular audits can help you identify business strengths, weaknesses, opportunities, and risks specific to your industry and market. Furthermore, marketing audits can be used to direct the vision of your business, the value of products offered, and the effectiveness of current, previous, and future marketing efforts and organizational efficiencies. A good marketing audit should also assist with the implementation of a marketing strategy, and help in generating brand awareness and sales.

 

[1] Lipnická D., Ďaďo J. (2013). Marketing Audit and Factors Influencing Its Use in Practice of Companies (From an Expert Point of View). Journal of Competitiveness, 5 (4), 26-42. doi: 10.7441/joc.2013.04.02

Internet marketing is key

Internet Marketing

Internet marketing is key when making sure that customers find your website. Without marketing, your website may randomly be found once everyone couple of months, but it will not generate high revenue for your business. You need to create as much exposure as possible to gain more clients. Just like a great job resume, it’s no good if you don’t send it out to employers. The same goes with creating a great website and not marketing it. If you can’t be found, you will not gain the customer. That is how simple it works.

Internet marketing is relatively inexpensive. Your business can reach a wide audience at a fraction of traditional advertising budgets. The nature of the media allows for consumers to research and buy your products and services at their convenience. Internet marketing gives your business the advantage of appealing to consumers in a medium that can deliver results quickly.

Mobile Marketing – Why you need it

Case Study:

  • The goal of this marketing plan is to have potential and current clients subscribe to receive special discounts on products and services from CompanyEC via text messaging to their mobile devices.
  • Customers will be able to access the website either by clicking on a link within the text to go to CompanyEC’s website or they can access the website via another computer.
  • CompanyEC will create a mobile website where customers will be able to access from their mobile devices. This mobile website will have 3 buttons which consist of a portfolio, free quote, and button to dial CompanyEC’s phone number.
  • customers can subscribe to this marketing plan via the website where they will sign up by placing a checkmark in a box on the quote request form and the contact form.

 Why will customers care?

  • Customers will want to get involved with this marketing plan to find the best deals and upcoming events that that CompanyEC may be holding.
  • The idea of this marketing plan isn’t very original or unique from many competitors. However, it’s a marketing plan that works and currently doesn’t need a fix a better it.

 Contextual Relevance o Hard‐selling doesn’t work in digital channels. Bring to The time that these marketing messages will be sent to the subscribers phone will be approximately 3:00p.m. CST on selected Thursdays.

  • The reason for this timing is that customers of CompanyEC normally contact the company for their services at the beginning of the week and having this marketing plan later in the week will draw in customers at that time.

Using mobile marketing will allow CompanyEC to stay in contact with their customers and will allow customers to always consider CompanyEC when needing creative services as mobile marketing helps keep customers thinking of the company.

  • 100% of this marketing plan is focused on sales. The idea is to have subscribers receive a text message from CompanyEC and then either contact the company for more information or login to the website and gather further information on the company and then complete the “Free Quote Request” form.
  • All customers and potential customers who purchase the marketed product from CompanyEC will receive the discount with or without receiving a text message with the special.
  • The marketing text message is meant to be informative only and will also be posted on the home page of the website. The idea is to market to customers who haven’t been to the website on that particular date on which the special was started.

Analyzing a Marketing Plan

The goal of the tourism strategic marketing plan for Connecticut is to direct and coordinate marketing efforts. The levels in which a marketing plan operates are strategic and tactical. Strategic focuses on target market and the company’s value proposition. Tactical market plans specify marketing tactics such as product features, promotions, pricing, sales channels, and service. The salient features of the Connecticut marketing plan include its overall goals and objectives. The State is looking to gain visitors by introducing awareness of its history, activities, and art and culture. Additionally, the marketing plan has a solid understanding of its desired consumer and marketing goals.
 
Overall, the plan has a good idea as to what is needed to generate awareness. The objectives are simple and seem achievable by the company. The plan, however, has no detailed strategy for achieving the desired results. Marketing implementation should address the who, where, when, and how of a marketing goal. To address the desired segment of users, the plan suggest building the brand through marketing efforts and industry partners. The goal of the plan is to influence visitors to the State by increasing the State’s relevancy and attractiveness to potential visitors. The plan suggests that in order to communicate to the desired market segment, the company should focus on markets that have the greatest visitor potential. Those markets include women who are between the age of 25 and 54, individuals who live within surrounding areas, and individuals with a household income of $80,000 or more. 
 
To improve the current marketing plan, the marketing company should create an actual strategy that can be followed to implement the plan. Marketing implementation is the process that ensures the strategy accomplishes the stated objectives. For instance, the plan refers to building search engine optimization into its production. However, it does not mention which keywords to optimize for and why those keywords are best suited for the task. Additionally, the plan has no mention why this plan will be effective at producing positive results. Furthermore, there is no mention of competition and market potential. A marketing strategy should address the what and why of marketing activity.
 
Marketing plans are the starting points for successful companies, and the plan often includes dozens to hundreds of pages worth of data analysis. The difference between a marketing plan and a business plan is that a business plan focuses mainly on defining the company, its history, mission, and goals. A business plan includes more than just a marketing plan or strategy. It also includes discussion regarding staffing, locations, finances, and strategic alliances. A marketing plan focuses on creating keys to success. Additionally, the marketing plan tells the story of how to achieve goals and generate success. Each of the company’s leaders and managers should see the plan and give insight into whether the plan is achievable. Marketing plans are best when there are many people involved in its creation. Gaining feedback is important considering most all ideas will affect each department within the company. Leaders and managers can provide realistic data, experiences, and share insight into market opportunities. 
 
Marketing plans are crucial for starting and growing a business. A good marketing plan will help organizations identify there target customers, and generate a plan to reach and retain those customers. The marketing plan is the roadmap to gain customers and improve organizational success if done properly. A Key section of the marketing plan includes the executive summary, which is helpful for providing an overview of the organization and the plan. Additionally, the plan describes the desired customer by targeting their precise needs based on their demographic profiles. This is helpful for identifying targeted customers and creating pinpointed advertisement aimed directly at those prospective customers. 
 
An additional crucial point of the marketing plan is its plan of distribution. The distribution plan details how customers will purchase or buy in to the organization. The promotional strategy of the plan is considered one of the most important sections of the plan. The promotional strategy details how new customers are to be reached. Examples of an affective promotional strategy include distribution and promotional tactics on television, at trade shows, and through online advertising. A marketing plan includes everything from understanding the desired customer, to determining how to outperform and strategize the competition. A marketing plan is paramount to achieving business success and the time taken to develop a marketing plan, is an investment worth making considering it defines who to connect with customers and generate sales. 

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