How to Conduct a Marketing Audit
How to Conduct a Marketing Audit
A strong marketing plan makes all the difference to a hotel’s success, but this can only be achieved by conducting a thorough marketing audit. An audit involves a detailed analysis of a hotel’s current marketing activities, calculating the Return on Investment (ROI), and analysing costings and lessons learned throughout the campaign, in an effort to improve the strategy and optimise performance.
This is not a simple task and is often best carried out by someone with experience, but it is essential to understanding how to direct your marketing going forward. Businesses that allow for an unnecessary margin of error do so at their peril. A flawed marketing strategy can cause huge problems in the long run and cost thousands to fix.
The most successful businesses conduct an audit of their marketing practices regularly, not just to analyse the results of a campaign and plan the next one, but to monitor how an existing plan is performing.
The Benefits of Conducting a Marketing Audit on a Hospitality Brand
By completing a hotel marketing audit you’ll be able to determine what has worked well and what has not.
Which elements of your marketing strategy have become redundant and which ones require more attention or investment?
Where do you sit within the market and what can you do to improve your position?
You can learn this by examining your market share and public sentiment towards your brand from review sites.
A thorough hotel marketing audit includes many benefits, among them, increased ROI, more effective strategy, and better time and budget usage. In time this can not only help a company make significant savings on costs, but to will also improve and streamline operations due to the clarity an audit provides.
Starting Your Marketing Audit
The first thing you need to do before you start a hotel marketing audit is to ask yourself; how confident are you to conduct it? This is important because the quality of the data, how it was retrieved and analysed, will impact the findings. Business owners are also emotionally invested in their companies and it can be human nature to deny a problem instead of acknowledging and resolving it.
It is sometimes safer to trust this task to a qualified expert. Their impartiality and experience may not only deliver a more accurate assessment; but offers a deeper understanding of how you can improve. Make no mistake, a hotel marketing audit is a complicated and time-consuming task. But it’s also incredibly rewarding when done properly.
The 3 Steps of Performing a Marketing Audit
Property Analysis – This represents your internal audit. It involves collating your marketing activity, costings, response rate, and overall ROI. What marketing practices are generating revenue and is it proportional to the work involved in producing it? If not, you may need to change your strategy. This can be done by drawing data from your website traffic, social media, PPC, and SEO metrics.
Competition Analysis – This involves studying the practices of your competitors and assessing what they are doing better and worse than you. What lessons can you learn from their behaviour, successes, and failures? What is public sentiment towards their brand? This information can easily be obtained from third-party review sites.
Marketplace Analysis – This represents working out your hotels position in the market, and the size of the market-share you have attained. Evaluating this will require you to look at your entire digital platform – website, review ratings, social media channels, etc. It also involves analysing the impact of the local economy and world events on your business.
- Without a marketing audit then your hotel’s goals are based on guesswork rather than solid evidence. An audit allows you to rely on real data when it comes to making important decisions.
- Auditing your marketing plan also involves examining your competitors and the marketplace in general. What lessons can be learned and applied to your own internal workings? How can you benefit from the costly mistakes they’ve made?
How We Can Help
Virtual Solutions has years of experience conducting marketing audits for hotels. We understand how essential a marketing plan is, by letting us conduct your audit we’ll be able to equip you with the tools you need to succeed.
Contact us today.