The image above illustrates a scenario that management teams are striving to prevent.
Unfortunately, this tug-of-war between departments is a common occurrence in many businesses, where each team pulls in a different direction. And leadership feels something has to be done to foster better alignment across units.
To tackle this challenge, it’s essential to look at the tools available. One such tool is the external audit process. Aligning departmental goals often starts with evaluating their processes.
What does a marketing audit have in common with a financial one?
At first glance, these audits seem worlds apart, but both fundamentally revolve around one thing:
At the end of the day they both focus numbers.
They dive deep into data to uncover critical insights and drive strategic decisions.
As an ex-financial auditor – one thing that I learned is to trust the numbers. Why? We’ll get to that in a moment.
Financial Audits are familiar
Most people in medium-sized companies are familiar with financial audits. They’ve either prepared for one or know colleagues/friends who have.
When they go through the audit – it becomes a frequent topic of conversation, even spilling over into discussions with friends, as it usually requires a certain amount of effort from the team.
And the effort can be significant when there is a lack of efficient procedures and specialized tools to support the data collection, management and reporting process: ERPs, CRMs or the quality of the data processing is not good enough.
Financial audits are a routine part of business, ensuring compliance and accuracy in financial reporting.
The Mystery of Marketing Audits
Unlike financial audits, marketing audits are overlooked most of the time. Most people haven’t even heard of them.
However, they are equally valuable.
A marketing audit is a comprehensive, methodical, and regular examination of your company’s marketing environment, objectives, strategies, and activities. Its main goal is to assess the effectiveness of your marketing strategies and ensure they are in line with your overall business objectives.
It provides insights for strategic realignment, ensuring that your marketing and sales efforts support your overall business goals. They help identify strengths and weaknesses, allowing you to optimize your marketing and sales strategies effectively. But that is only a part of the benefits an external marketing audit can provide.
The Heartbeat of Your Business
So, why trust the numbers?
Numbers don’t lie.
Whether it’s a financial audit going over your balance sheets or a marketing audit scrutinizing campaign performance, marketing and sales procedures, or the mapping of your customers’ journey, data is the cornerstone.
Accurate data informs sound strategic decisions, helping businesses thrive by understanding what works and what doesn’t and whether leadership is looking at an accurate picture.
In both financial and marketing audits, data is king.
Whether it’s assessing marketing campaigns or financial health, understanding the numbers are key.
And while we’re here… take 10 seconds to answer this: Do You Know Your Numbers?
Are You Seeing the Real Picture?
Accurate data informs strategic decisions, driving businesses forward by revealing what’s working and what isn’t.
Validated numbers are crucial because they ensure you are looking at a realistic picture of your business’s performance. Without accurate data, strategies may be based on flawed assumptions, leading to ineffective actions.
By validating numbers through external audits, businesses can regain trust in their data, make informed decisions, and develop strategies that reflect the true state of their operations.
Who Can Benefit from a Marketing Audit?
Marketing audits are beneficial for business owners, marketing directors, and management teams seeking an objective evaluation to scale operations, maximize profits, and enhance overall business satisfaction.
If you’re looking to improve your marketing and sales funnel results, an external audit could be your first step.
When to Conduct an External Marketing Audit
Marketing audits can be particularly useful in several scenarios:
- When a new executive takes charge of the marketing/sales department.
- Following a merger or acquisition.
- When results are dropping.
- During annual planning and strategy sessions.
- When there are significant changes in the team’s structure.
- When a new CRM is about to be implemented.
- When the company is about to introduce new marketing technologies or platforms.
- When the company is preparing for a major product launch.
- After a significant market shift or economic change.
One of the key benefits of marketing audits is that they can be carried out remotely.
This flexibility means that no matter where your team is located, you can still gain valuable insights from an external audit.
I will cover the topic of how to prepare your team for a remote audit in a separate article.
Fresh Eyes, Clear Vision
One of the most compelling aspects of both audits is the objective perspective they bring.
External auditors, free from internal biases, can see things that internal teams might miss.
This clarity leads to better insights and more informed decisions. Imagine a business discovering overlooked opportunities simply because someone new took a look.
Regular audits (at least once a year) help businesses stay proactive, preventing decline and continuously improving results. They ensure that your marketing strategies remain aligned with business goals and can adapt to market changes.
Final Thoughts
Understanding the similarities between marketing and financial audits highlights the importance of regular evaluations.
Acting early to conduct these audits can prevent decline and boost results, helping your business stay competitive and thrive.
Embrace the power of audits to uncover hidden opportunities, optimize resources, and achieve sustained growth. Regular marketing audits are not just beneficial; they are essential for maintaining and improving business performance.
R
PS: If this article made you acknowledge the need for an external marketing audit in your company – book a free intro call with Flowtimize and we’ll work together to outline your company’s marketing audit strategy in one simple, coherent plan.
