There are plenty of good reasons to conduct a marketing audit (the On The Mark Strategies proprietary method by which your bank or credit union takes an intensive deep-dive look into its marketing strategies and tactics). However, there are also many good reasons not to conduct a marketing audit at your bank or credit union.

Here are three:

  • Don’t conduct a marketing audit because you already know what your competition is doing. If you already know what the other banks, credit unions and non-traditional competitors in your area are doing when it comes to consumer engagement, branding, marketing and experiential design, you probably shouldn’t conduct a marketing audit.
  • Don’t conduct a marketing audit because you are already happy with your marketing budget. If you already know how well your marketing budget addresses the rapidly-changing financial products and services marketplace and you are content with the amount of your marketing budget, you probably shouldn’t conduct a marketing audit.
  • Don’t conduct a marketing audit because you’re not interested in industry best practice ideas. If you already have a firm grasp of every idea, new, old and unthought-of, you probably shouldn’t conduct a marketing audit.

However, if:

  • You’d like to have a better idea of what your competition is doing (as well as the current status of consumer service in your own branches);
  • You want a better idea of how effective your marketing spend is and direction on how to maximize your marketing budget); and
  • You are interested in picking up new industry best practice ideas from across the country, then …

… you might want to conduct a marketing audit.