If you are wondering if you need a marketing audit, you probably do. When you are starting to see less revenue coming from your existing marketing strategies, it is best to find out what exactly is going wrong. Every marketing plan needs restructuring at some point, but finding where your marketing is weak can save a lot of money in the end. Not hemorrhaging funds into an ineffective marketing campaign is a money and time saver.
It can help you reassess your goals
In the day to day madness of running your automotive business, it is easy to lose sight of the long-term goals set for the business. When you are turning a nice profit, letting sleeping dogs lie is a reasonable approach. When profit margins start getting smaller, a marketing audit is a good way to take a step back and find out what is not working. There may be a soul-searching opportunity here as you need to think about your long-term goals. If you have been open for a year and your long-term goal was a year-long, then it is time to look again. Any time you reach a goal it is time to set a new one, but when you are not reaching your goals, then you have a problem.
You can analyze your competition more objectively
Performing a marketing audit requires you to look at your business objectively and, considering all facts and data, determine what needs to be changed. This does not mean you will have to do a complete overhaul of your business. Once you know what needs to be changed, take a look at what is working. As you begin to think up solutions work with, and not against, these methods. Incorporating new practices with the old can make it more of a transition than a change.
Your competition can teach you some things to get ahead of them
When you perform a marketing analysis, you are opening the door to new ideas and marketing concepts. While it may be possible to simply do more of what is working, your system may need more change than just that. A cursory look at your competition may give you some new ideas. When you look at your data and the data of your closest competitor, you may notice your profits dropped when they started doing something new. It may be something you can incorporate into your business right away, or you may need to get a closer look.
You get to do some non-invasive spy stuff
Getting an in-depth look at your competition is easier than you think. You are not trying to take over a Fortune 500 company, the information is simple. You really just need the numbers you can get from public records and a look at their website. By comparing numbers with past events and discount days, you can get down and dirty with some marketing analysis. When you approach this, do it in the same way you analyzed your business. Do not simply look at the strengths, but the weaknesses.
At the end of the day
This is a lot of work and regardless of the size of your automotive dealership, you may want to get some professional help. Part of this will be talking to employees and employees are not always eager to open up to bosses. Also, when checking out your own business as well as scoping out the competition, an objective third party is a big help. When it is time to go through the work involved in this, contact a market analysis expert. Getting ahead of the problem is better than trying to catch up. Get started today.