One of the primary questions we hear from almost every client and a potential client is this: How do I know if my marketing money is being used effectively?
The answer, its starts with a marketing audit.
AVD recommends a periodic marketing strategic analysis with a comprehensive marketing audit. The marketing audit is an integral part of the marketing process and involves an examination of the company’s marketing environment, objectives, strategies, functions, activities, and architecture.
This also requires a comprehensive review of the strategic and tactical foundation of your organization's marketing programs to determine problem areas and opportunities, and subsequently design the plan of action needed to improve marketing performance.
Organizational accountability demands from marketers to be able to effectively measure the performance of their marketing department. Additionally, it is imperative to provide timely and accurate market intelligence to the executive team and subsequently to the Board for informed decision making and development of organizational strategies. AVD’s marketing audit is comprised of the following steps:
Begin with a meeting between the company's management and AVD to determine audit objectives, depth, and data analysis.
Create a detailed plan of the people to be interviewed, type of questions, and schedules.
If necessary, we will also interview customers, suppliers, and others in the value chain for process efficiency, accuracy, and transparency.
AVD will examine the following components of the marketing process and situation:
Macro Environment - demographic, economic, environmental, technological political and cultural.
Task Environment - markets, customers (Latino segments), competitors, value chain members.
Marketing Strategy Audit - business/corporate mission, culture, innovation process and marketing objectives and strategies.
Marketing Strategy Audit - business/corporate mission, culture, innovation process, and marketing objectives and strategies.
Marketing Systems - information, planning, control and new product development systems.
Productivity Analysis - profitability and cost analysis.
Marketing Functions - product, price, distribution, situation analysis, marketing communications and sales force analysis, including advertising, personnel, budgets, public relations and digital marketing objectives, strategies, and analytics. A full review of the marketing plan.