A marketing audit is undertaken to determine the existing opportunities, and in some instances, to identify the problems that exist, in your particular market and marketplace or for your business and products. This is because the elements involved - defining, describing and analysing the market - are concerned essentially with human needs and wants. A marketing audit allows you to see the big picture - the true picture.

Only if you study the past, can you foretell the future! (The Great Reckoning). The fact that your product may be the means to meet such wants is irrelevant to the analytical process involved. You need to understand why customers want, or do not want, your products or services, the motives underlying their purchase, the determinants
affecting customer behaviour, like incomes or population growth; the buying patterns, i.e. where, when, why and how customers buy, and who influences buying decisions.

The following condensed pointers are only a guideline - add your own questions where necessary:

1. Introduction:
Start by describing your company and the industry it operates in. Positive and negative perceptions and facts.

2. Background (Current situation):
What is the nature of your business? Where is it located? The size, market share, turnover, etc.? And what is the overall business opportunity or problem?

3. Products and Services:
What is your product or service? (Categorise and group). What is it called? What does it do? How does it work? What percentage is it of the market and what is your market share? What competitors does it have? What are the USP's? What are the distinguishing features of each product? Can you translate the features into benefits? Analyse every single product and service and group according to target market, profitability, etc.

4. Target Market:
At all times, in your business cycle, you have 3 main target market groups: Your present or existing customers - active and inactive; your past customers, and your prospective or new customers. They are the most important ingredients in your contact and communication strategy. As Anita Roddick of The Body Shop says: "Don't sell to everybody, sell to somebody!" Define your market category carefully.

5. Marketing and Promotion History:
What was the market opportunity that brought the product into existence? Has the original opportunity changed? If so, why? What external, unforeseen circumstances enhanced or retarded your marketing, campaigns, strategy and plans? Number of years and money spent on previous marketing strategies? Money to be spent on current marketing strategy? Any research on success or failure of current strategy? Is the research valid?

6. Competitors:
Cultivate your present customers because they constitute 100% of your present business. They also constitute 100% of your competitors prospects.

7. Creative Approach and Strategy:
Ensure that your creative fits with your products, target market and corporate identity. Grade the creative executions against your stated marketing objectives, strategies and the medium (media) used, and for the production excellence and persuasive treatment of the marketing opportunity
or problem.

8. Marketing Objectives:
Set specific objectives for your short and long-term plans because if you don't, you have no yardstick with which to measure success or failure. Quantify your objectives.

9. Offer(s):
The first step to planning an offer is to think about the objective(s) of your campaign. What do you want your present/past/potential customer to do? What is your 'offer' strategy?

10. Media (Communication Objectives):
When you plan your marketing strategy - consider all media options (formal and informal) and ask yourself the question: "Where am I going to get the best results, conversions and ultimate sales from. And will it meet my objectives?

11. Support Media Plan (primary and secondary):
What other marketing/advertising is planned? List weaknesses/strengths of various media available in respect of your product and services?

12. Merchandising objectives:
What are your primary and secondary merchandising objectives?

13. Distribution Objectives:
What are your distribution objectives? What is the distribution pattern and how is it done and by whom and what percentage of the costs or price is it? Is it effective and cost-effective?

14. Staff and Outlet Communication Objectives:
Loyal employees create loyal customers. Employee loyalty increases business profitability, competitiveness and market share. What, how, when, where, why and to whom do your communicate? And how does it fit in with your overall plans?

15. Training:
Marketing is a hands-on medium, and you need qualified, experienced, dedicated and motivated personnel - internally and externally. If they are not adequately prepared or trained to support your marketing efforts it can ruin many successful strategies.

16. 3rd Party Participants:
Which industries, companies or products can be tied in with your products?

17. Research:
Looking at your products and services now and the objectives to be met, do you know enough about the market, the target market and the competition? What existing research is available? What further research should be undertaken to help you plan your marketing strategy?

18. Restrictions:
What restrictions exist on words, phrases, slogans, policies, legislation, packaging, mailing, distributions, etc. What are they and how will you address them?

19. Timing:
When are your trading and financial year-ends? When is the right time to do things?

20. Budgets:
All your marketing activities are expensive and can erode profits quickly unless kept under tight financial control. The cost of each and every activity should be budgeted for (fixed and variable, front-end and back-end costs) in advance, so that you can tailor them to maximise the value of your Rands invested (ROI), related to the increase in revenue which it is designed to achieve.

21. Control, Evaluation, Measurement, Accountability (call it what you want):
Evaluate your efforts, review the situation and initiate corrective action and adjustments in mission, objectives, strategy or implementation, in the light of actual experience, changing conditions, new ideas and new opportunities. Analyse and measure the right things - against your quantifiable objectives. Plan who should do it and keep the results and use the information.

22. The Future:
Remember - long-term planning and short-term action!

Take care and take time to ensure that you learn from all your experiences, good or bad.

Winnifred Knight, email winn@themarketingsite.com or phone 082 575 9922

Back to www.bizland.co.za