Reflection and refinement are great tools and applying these to a company’s marketing strategy in the form of a marketing audit is a wise move. The audit itself can be done at the beginning or at set points throughout its implementation. Factors like what tactics worked, what channels produced the most success, budget tracking and future goals are all appropriate to discuss in an audit.
For example…
Let’s take Janet’s private label clothing business. She relies on wholesaling her pieces to retailers, but, she is finding that an increasing number of people are wanting to buy items off her website. She decides to do a marketing audit to evaluate her target audience and increase the efforts she’s making to reach out to customers directly through the web and to spend less of her marketing dollar at retailers. She evaluates social media channels and decides Instagram and Facebook will be her best bet to market her product and buys advertising subscriptions accordingly.
