Marketing Audit
Bright Ideas Require Focus
What Is A Marketing Audit
A marketing audit is a detailed and thorough review of a business’ marketing assets and activities conducted by an independent party using various tools and systems to help the business owners evaluate their current marketing activities and which can be used to develop marketing plans to help business performance.
Have You Asked Yourself These Questions?
1) Business used to be really good why it has dropped off?
2) People say that they love my food/accommodations but sales have been declining, why?
3) I haven’t changed anything but the people just aren’t here like they used to be, why?
4) How do I respond to the new competition that has entered my area?
5) The neighborhood has changed what do I now?
6) Technology has changed how do I use it to increase sales ?
How You Benefit
1) Detailed and Thorough Review
A detailed review helps to make sure that all areas that are being used are working towards predetermined goals, feasible marketing opportunities are being fully utilized and no hidden areas of opportunity are missed.
2) Receive An Unbiased Professional Evaluation
Ensures that the results are not skewed to conceal performance be it by an internal staff member or by an outside service provider
3) Identify What Isn’t Working
Rarely does what once worked continue to work indefinitely, tastes, competitive environments, and expectations change. If poor practices aren’t identified they become counterproductive and costly.
Why Nicholls Hospitality Marketing
Our work focuses on attributes that are specifically unique to the hospitality industry. Service businesses have additional marketing variables that non-service business doesn’t have, and hospitality businesses are more specific yet. Our approach to working through your marketing practices address the very unique needs of your business.
Process
3600 Evaluation The Human Component
NHM uses a 3600 audit approach from our initial discovery meetings with the owners, staff members, and as much as possible past guests. At the heart of hospitality is the human experience and so it is critically important to look at the role that each party has in creating the service experience and incorporate this with all other marketing information.
As all parties have a different role in creating the service experience including what expectations the guest has and their participation in the service delivery. Our detailed and comprehensive approach will consider aspects for the full purchase cycle from the website user interface to the service follow up component.
For the Business in Crisis
Our goal is to provide answers quickly, a marketing audit may be needed when a business is facing a crisis and needs to be able to make well-informed decisions quickly to determine how their business can continue.
For the Proactive Business
For the business that is not in a crisis, we can still offer a 6 day turn around as there is no need to prolong good information. Prolonging the audit also often increases the costs of performing the audit if not all site information and in-person meetings can be scheduled in the 6 days.
What Is Covered In The Audit
This a general overview and is not intended to help to give you an understanding of areas that are evaluated. All of the auditing work is guided by the initial goals and positioning of the brand.
Research
Marketing Audits require a significant amount of research and to help you be as competitive as possible we go further and deeper to help you be as competitive as possible.
General Market Research NHM also integrates foundational marketing analysis such as S.W.O.T., P.E.S.T.L.E influences, and Porter’s Five Forces. These market analyses are combined with a study of the local market place and feeder markets.
Competitive Research
As NHM also offers competitive research we incorporate components of this service to help identify what your competitors are doing online how your digital strategy is comparing to theirs so that you can be proactive rather than reactive.
Hospitality Marketing Mix Audit
When NHM works through the following components each are always viewed in reference to your brand and your goals.
People
Evaluation of competency and engagement of staff. The people in your business represent your brand and help to reinforce the reason why guests have chosen you instead of your competitors.
Productivity
This area covers a number of areas including but not limited to the productivity of your marketing activity. Increasing the productivity of tthis area has a direct impact on net income. Evaluating productivity in guest services creates a competitive advantage and helps increase guest retention thereby reducing new guest acquisition costs, again impacting the bottom line of your business.
Process
Evaluation of the flow of activities for both the standardized activities for quality controls and productivity, customization’s to meet unique guest requests as well as an evaluation of the role that the guest has in the service creation and delivery.
Physical Evidence
The physical evidence of your business is your silent salespersons. One who helps to reinforce your unique place in your market segment, and helps to support your price points. Evaluation of the design of the facility that is guest-facing, tangibles, and staff appearance.
Product
Evaluation of the products in regards to the service standards for your niche and target market as well as staff capabilities and competitiveness.
Place
Evaluation of channels and customer acquisition costs as well as positioning in the geographic environment.
Promotion
Evaluation of foundational promotional mix in an integrated communication plan and the incorporation of on-site promotional activities as are available in a hospitality setting and deep digital reviews of all assets owned earned or paid in your digital promotional activities.
Price
Evaluation of your current structure, competitive positioning, and revenue management practices.
Next Steps
Once the audit has been completed the Pain Points Report will be delivered and reviewed in person with the owners. If the owners would like to proceed with the development of a marketing plan by NHM we would be happy to apply 50% of the cost of the audit towards next steps that NHM helps you implement.
Funding
NHM is willing to provide small loans to businesses to cover the cost of marketing consulting.
One of the challenges with small to medium-sized businesses is that in order to grow and produce more money, you need money.
NHM believes so strongly in its ability to help your business that we put our money where our mouth is.
