Every organization is faced with many opportunities and challenges in navigating the crowded, competitive and changing marketplace. In fact, success is now being defined as how well your organization can position and differentiate itself in this marketplace. While accounting firms conduct financial audits to ensure financial stability, rarely have we heard of clients performing Strategic Marketing Audits to determine their marketing effectiveness and opportunities.
The value of marketing audits was something I discovered in a textbook by Phillip Kotler while teaching graduate marketing courses at University of Phoenix. The idea is to review four key areas that help provide guidance on retention strategies, changes to current products/services, maximizing revenue potential, and developing an edge for the future.
The findings become the basis for better marketing planning and execution. The four areas to be reviewed are Situation & Competition, Strategic Plan, Organization & Delivery Systems and Brand Image. Here are some question to get you started to see how much you know about your how your marketing is working:
- How are the major competitors structuring their marketing efforts?
- What major changes are occurring in product technology or in the industry?
- Economically, what will consumers likely be doing this coming year?
- Is the credit union vision clearly stated in market-oriented terms?
- Are the marketing objectives appropriate for the credit union’s competitive position, resources & opportunities?
- Is there a sound positioning and marketing mix for market segments?
- Are marketing goals set and marketing functions optimally structured?
- Is technology optimized in research to enhance marketing decisions?
- Are marketing costs periodically examined and stratified across member segments?
A comprehensive, independent, and periodic examination of your organization’s objectives, strategies, and activities with a view to determining opportunities is really the initial step in determining your organization’s competitiveness. The result should be a plan of action to improve marketing performance.
Need a Strategic Marketing Audit to help you make the most of your marketing? Email us today at email@example.com to start a conversation!