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Business to Business (B2B) Marketing Audit: What is it and how is it done?
- 1. B2B MARKETING AUDIT WHAT IS IT AND HOW IS IT DONE?
- 2. WHAT IS A B2B MARKETING AUDIT? B2B stands for business-to-business, referring specifically to those businesses that sell products or services to other businesses rather than consumers. The definition of an audit is “a complete and careful examination of the financial records of a business or person; a careful check or review of something.” A marketing audit is different from a tax audit because it looks only at how you are using and allocating marketing resources in an attempt to make it more effective. It is usually conducted by a professional.
- 3. WHAT ARE THE GOALS OF A B2B MARKETING AUDIT? Increase productivity of marketing budget and resources Discover other opportunities to market Beat competitors Learn the most effective ways of reaching your audience Produce higher sales rates and increased leads
- 4. HOW TO PERFORM A B2B MARKETING AUDIT Step1: Overview of company and solutions Review all information about the company, including the most basic, including contact information, company employees, common processes, and sales cycles Study the efforts made in the past to reform marketing Review your products or services
- 5. Step 2: Marketing goals and objectives Examine your past goals Evaluate how company priorities have changed Create new goals that will more appropriately match new priorities List long- and short-term goals Focus on growth and improvement
- 6. Step 3: Current audience profiles Describe the qualities and traits of your current client base, including gender, age, location, and job description if available Evaluate client pool by value and size Ask yourself if your current audience is your ideal audience
- 7. Step 4: Target audience profiles After creating current customer profiles, create an ideal customer profile with basic information that best fits who you want purchasing your products and services Determine what changes need to be made in your current processes to reach your ideal audience Ensure that your goals correctly take into account reaching your target audience; change goals if necessary
- 8. Step 5: Analysis of past marketing strategies Review internet and non-internet marketing strategies Have past strategies been effective? What strategies haven’t you tried yet? Identify strategies you would like to implement
- 9. Step 6: Competitor descriptions Identify multiple competitors and study their marketing strategies Compare competitor strategies to your own Create new marketing strategies that may mimic others’ strategies, or discover more effective ways to attain better results
- 10. OTHER RESOURCES For more information on B2B marketing audits, see these helpful sites: http://www.sprintmarketing.com/b2b-marketing-audit/ http://www.bma-nj.org/blog/8-steps-for-conducting-a-marketing-audit/