How Much Money Do Youtubers Make Off Music Review Podcast Conduct a Digital Audit for Your Business

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Conduct a Digital Audit for Your Business

A digital “audit” may seem like a daunting task, but once broken down into steps, the process becomes quickly achievable. This first planning step involves reviewing the digital health of your business and analyzing the current state of your business:

• Your business’s ability to cope with change

• Online market

• Your online and offline market position

• The external environment in which you work

This is an opportunity to spot weaknesses in your business profile and online marketing strength, so you can create a marketing strategy that builds on your strengths as well as any sales opportunities.

Don’t worry about the results of your research. This is a useful business exercise, not a personal comment. It is better to find ways to improve your marketing situation online than to ignore the need for improvement. Try to keep your business vision in mind because online auditing is very useful if you respond with logic rather than emotion.

Remember, if you find holes in your business, you are not alone. Very common findings of a business audit include:

• Business was not well planned in the past

• There is not enough information about business user groups (segments).

• Prices are not in line with competitors

• Cash flow is a concern and the marketing budget is not sufficient to meet goals.

• Establish brand, website and customer loyalty needs

• There is not enough information about the potential of the Internet as a sales tool

• The business team does not have much IT technical knowledge

Keep in mind that if you’re in a fast-moving industry, you need to review your audit more often.

Consider your internal environment (factors you can control)

A. Decide what you want to get out of your audit, you want to:

• More efficient business procedures

• Better return on investment (ROI)

• Market insight for campaign planning

• Establishing a relationship with the customer

b. Think about the success of the information you already have (and how it translates online):

• Internal written, digital or oral data about customer service and productivity

• Any marketing strategy

• Target strategy

• Product development, customer service and communication systems

• What product/service distribution system and service network do you currently have? How to change online?

c. Consider your current assets to help you decide how you will achieve your digital goals. This includes cash flow, business competencies and internal and external resources such as:

• Management, employees, stakeholders, suppliers, partners, agency staff – their digital skills / experience / contacts / goodwill and support

• Current users – their digital preferences (what they use in terms of hardware, software, social media, advertising, downloads, webinars, podcasts, games)

• Business budget (and partner business budget)

• Materials and technology

• Review all your marketing materials – what are they, how are they being used? Are they cost effective and what is your return on investment?

• Brand, (including its character, business culture and location)

• Processes and systems, speed of operations and delivery to market

• Previous business activity, competitor and market research/insight, financial history, campaign results.

d. Define your current and target customers – consider what your regular customers have in common:

Tip 1: Create current and target market groupings (segments) based on their buying behavior and demographics. It can help define each group as a person. For example, at a live music venue there might be someone like ‘John’ who is 32 years old, single and likes to have a pint with his friends at a club where he hears new bands and then uses his iPhone to download tracks from iTunes. He is an impulse buyer who responds to what he sees/hears.

Tip 2: Learn to use a search marketing tool like Google Keywords SEOmoz, LongTail Pro or Market Samurai to find out what products, services and information (relevant to your business) your target customers are searching for online. There are tons of tutorials for each on YouTube or their respective websites.

e. What are the planned goals and KPIs of your business? Accomplished something online or offline? Why did they succeed? Do you have customer feedback? In particular, look at what plans are in place to attract, convert and retain customers?

Consider the marketing environment your business is in and your market position (online and offline)

A. How does your business brand (personality) and your products/services fit into and influence the wider market? You can use a free survey design service like Survey Monkey to ask current customers and prospects their views on your business’ credibility, reputation, products/services, and future online growth. This process also helps remind the customer of your brand and intent to shop online.

b. Consider your market online and offline:

• What does your industry look like online?

• Who are your main competitors? Are they the same offline? How would you describe their online brands, advertising techniques, customers? What is unique and emotionally appealing about them to their customers? How can your brand be different and more attractive than theirs (without losing money?)

d. What is your current market share (shows how competitive you are)? You can define this as value (your marketplace sales revenue divided by the total market sales revenue) or volume (your marketplace sales volume divided by the total volume of units sold in that marketplace). You can also see your relative market share compared to the market leader (your market share volume divided by the market leader’s share volume). Be careful when planning price wars based on this, however, as they damage the industry’s price structure.

e. What alternative partners and agencies exist in the online marketplace to help you with your supply chain, research, marketing, services, offers, web links, advertising, etc.

c. Evaluates your business’s digital “marketing mix” – the combination of marketing factors that collectively represent your business online. They include where you can find your business brand online, how you promote your business, your current online pricing mechanisms, your products and services offered online, your representatives and processes online, and evidence of your existence (for example, if you offer services. You (showing testimonials, awards, guarantees, transparent customer service).

T. Analyze your brand’s market strength online:

• How potential customers will interact with your brand and what it means to them (logos, products, website, promotions, social network interactions, downloads, employees, email responses, purchasing systems, after-sales value-added services, etc.)

• How do you rate those aspects of brand equity?

• Planning to expand your brand/product/service

• Does your brand reinforce your business values?

Consider the external environment (factors beyond your control)

A. Marketers use an analysis tool known as PESTEL (abbreviated to PEST) to consider the external environment in which a business operates and the factors that may affect those business goals.

PESTEL is an acronym that stands for the words Political, Economic, Social, Technological, Environmental and Legal. You can create your PESTEL analysis by setting up these words and then point to the specifics that affect your business’s ability to achieve its goals and operate online.

An example of a paragraph under the heading “Legal” might be:

• UK Data Protection Act 1998

This is important because you will need to comply with this law to protect the customer data you hold as a result of online (and offline) commerce.

You can probably list at least 5 factors under each heading that have a significant impact on your online success.

PESTEL analyzes are useful because they can help you find potential threats to your business or opportunities if they are considered in light of your strengths and resources.

b. Your online strengths, weaknesses, opportunities and threats can be identified using a SWOT tool (you can do this exercise to create your offline marketing plan or business plan). SWOT helps you keep an eye on your business, consider how well you can compete, where your business is weak, where it might be threatened, and then you can create a strategy for your digital plan.

It’s worth taking the time to learn how to do this specifically for your business needs and avoid pitfalls. For additional guidance on SWOT development, see this American site Smes Internet Marketing.

Audit Summary

Now, with your audit results in mind, try to answer the following questions and see how they fit into any of your current marketing/business plans:

1. Which of your KPIs and objectives have you already achieved and which can you achieve as a result of your audit?

2. What does your SWOT/PESTEL analysis tell you about your business’s potential to reach and retain target customers? What specific abilities are there that are not inhibited by weaknesses?

3. Who can you compete with and what are their weaknesses/strengths/plans? What specifically (within budget) will you offer clients that will differentiate you from your competition and offer greater value?

4. Can you summarize the buying behavior of your target markets?

5. Are you clearer about what you need to produce and how you need to deliver your goods/services online?

6. Do you have the tips you need to provide good online customer service that your current and target customers will appreciate?

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