Internal audit of marketing department
Internal audit of marketing function in a company is as important as any other audit. Marketing triggers sales and decides the future of business. There are a lot of companies which waste time, effort, and money on the wrong marketing strategies. Performing a full marketing department audit at least once a year aligns the goals and adjusts strategies, along with budget towards the same.
We are sharing you some important steps for performing Marketing department audit:
Step 1: Review Business Documents
To gain a full understanding of a new business, review any documents that pertain to business’s marketing plan. This provides the best starting point for your marketing audit, because it allows you to take a step back and look at the company and its goals as a whole.
Documents to review include- business plan, marketing plan, marketing budget, marketing department job descriptions, status reports, and anything and everything else that appears relevant. This step provides you with the context of marketing department.
Step 2: Review Marketing Plan
Start by re-evaluating your buyer persona(s). Who your target audience is effects every piece of your marketing. Without a clear, up-to-date buyer persona, your marketing simply won’t be aligned with who you are trying to target.
Step 3: Compile a Complete List of Current Marketing Activites
What marketing activities is the company currently involved in? Creating a complete list of all marketing activities conducted within a certain time frame allows you to review marketing activities in one, centralized place. After this, you can analyze any relevant reporting to see how different activities are performing overall for your business. Any exceptions or anomalies should be discussed with team and sufficient documentation should be made.
Step 4: Ask questions such as:-
· Are these marketing activies are as per plan?
· Are these activites yielding the desired results?
· Are there any gaps or missed opportunities in our current marketing strategy?
· Is the company allocating funds to the marketing strategies that are yielding the best results?
Step 5: Compile a Complete List of Current Marketing Employees and Vendors
Review how the vendors and employees in relation to marketing function are performing in relation to their responsibilities.
There are two areas you should focus on:
1. Employees- Look for red flags that you may possible have the wrong employee for a specific function.
2. Vendors- Evaluate the current outsourced marketing vendors. Look for warning signs that they are not a good fit for your company, or identify areas of improvement. Review any original contracts to review the original terms and expectations that were set.