Marketing is to small business growth, as water is to the growth of a plant. They both are essential to survival. You can sprinkle a little marketing and water from time to time, but the long-term results will be inevitable if it is not a consistent, daily and nurturing practice. This analogy introduces us to the topic of this article.
Why are marketing audits a critical component of small business growth? The answer is simple; because you will become a more intelligent business owner and marketing manager. You will learn more about your business. You will learn more about your strengths, weaknesses, opportunities and threats. You will learn what worked and what did not work in the previous year. You will generate new and better ideas. You will position yourself to make better strategic decisions.
The marketing audit can be defined as a comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company’s marketing performance. It is a fundamental part of the marketing planning process. Business owners or marketing managers should conduct marketing audits at the beginning of a new fiscal year and during implementation of a new marketing campaign.
The marketing audit considers both internal and external influences on marketing planning, as well as a review of the overall plan itself. It is an analysis of the internal and external factors which may affect a business’s performance.