While it’s always a good time to have an unbiased third party review your marketing materials, there is one particular period when the analysis can yield the highest impact. That would be the third and fourth quarters.
As John Wanamaker once famously said, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” If you want to know what part of your marketing is working and what part is not, then a marketing audit is the perfect way to find that knowledge.
And doing the audit before next year starts is the perfect time for doing the analysis. Conducting a marketing audit by year-end will:
- Prepare you for budget season—One step of a marketing audit is a complete review of your budget. Are you spending too much, too little or just right? A thorough audit answers that question. But not just the total dollar amount: how are you allowcating those resources? For example, maybe you should spend more on digital and less on traditional. Credit unions and banks are about to start budgeting for 2018. A marketing audit is a great tool to help you prepare that upcoming budget.
- Give you fresh ideas for next year—Sometimes we can feel stagnant with our promotions. Like we are doing the same things each and every year. A complete marketing audit offers new perspectives. It brings in best practices for what growing and profitable financial institutiosn are doing with their marketing. As Lori Perkins, vice president of marketing for Rock Valley Credit Union said, “Business is way up since our marketing audit. We’ve had thirteen consecutive months of positive loan growth since the marketing audit. Our assets are up, new members are up and checking accounts are up.” A marketing audit is a great tool to use when you are stagnant or not experiencing desired growth.
- Jump start your strategic plan—Just like it’s budget season, it’s also strategic planning season. And one of the best outcomes from a marketing audit is the strategic suggestions it gives for improving your financial instition. It serves as a roadmap for your upcoming strategy. As Jay Curtis, president of First Credit Union said, “We were extremely pleased with the marketing audit conducted. I consider the marketing audit process key to our future success.” A marketing audit is a great tool to prepare for next year.
Successful financial institutions have third parties audit their marketing. It just makes them better. And there’s no better time to do a marketing audit than before year-end. If you would like information on how a marketing audit can lead to growth and success, contact Mark at 214-538-4147.