The Marketing Playbook
Principles of Marketing

Module 2: Audit/Gap Analysis

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Building the Foundation for Your Marketing Success

Before you dive into any marketing strategy, it’s crucial to know exactly where you stand. This module is all about getting a clear snapshot of your current business situation and identifying what’s missing—so you can chart the right path forward. Think of it as the foundation for everything you’ll build throughout the year.

What is an Audit & Gap Analysis?

An audit and gap analysis is a straightforward way to compare where your business is now with where you want it to be. It’s about understanding what’s working, what isn’t, and what changes need to happen for you to hit your goals.

You’ll take a hard look at a few key areas:

  • Strengths: What’s your business doing really well?

  • Weaknesses: What areas could use some improvement?

  • Opportunities: Are there untapped opportunities you haven’t explored yet?

  • Threats: What challenges or competitors could get in your way?

Take a Good Look at Where You Are Now

STEP 1

First things first: what’s the current state of your business? You’ll want to evaluate:

  • Your Sales: Where are your sales right now, and what do you want to achieve?

  • Services: What products and services do you offer? Are there gaps in your offerings that customers are asking for?

  • Marketing Assets: What tools are already in place (website, social media, advertising)? Are they working for you?

STEP 2

Performing a SWOT Analysis

A SWOT analysis helps break down the big picture into smaller, more manageable pieces. It’s a great way to get clarity on your business from multiple angles:

  • Strengths: What do you and your team excel at? This is where you reflect on the things that set your business apart. Look at customer reviews, team feedback, and any standout successes.

  • Weaknesses: Be honest here. What’s holding you back? Maybe it’s a lack of visibility, an outdated website, or even certain operational hurdles that are slowing you down.

  • Opportunities: What can you be doing that you’re not? Could you offer new services like lighting design or smart home solutions? What are your competitors missing that you could capitalize on?

  • Threats: What external challenges could impact your growth? This could be competition from other businesses or market shifts.

By the time you finish your SWOT analysis, you should have a clear understanding of where your business stands and where the biggest opportunities for growth are.

STEP 3

Know Your Comeptition

Understanding your competitors is key to figuring out how to stand out in the market. Do a bit of research:

  • What services are they offering?

  • How do they position themselves?

  • What do customers say about them?

Knowing what your competitors are up to will help you find the gaps they’re missing—and give you an edge.

Define Your Success Metrics (KPIs)

STEP 4

Once you’ve done your SWOT and competitor analysis, it’s time to decide how you’ll measure success. Setting clear Key Performance Indicators (KPIs) will help you stay on track. These could include:

  • Website Traffic: How many visitors are coming to your site, and are they the right kind of visitors?

  • Leads: How many leads are you generating each month?

  • Sales Growth: Are you seeing an increase in revenue?

Having these KPIs in place gives you concrete ways to track progress, so you’ll know what’s working and what isn’t.

STEP 5

The Gap Analysis

Now that you have a clear picture of where your business stands, the gap analysis will help you map out the steps to get where you want to be. Look at:

  • What new services or products you could offer.

  • What tools or resources you need to bring in.

  • What adjustments you need to make in your marketing strategy to hit your goals.

Why This Matters

Doing an audit and gap analysis might feel like a lot of work up front, but it’s crucial for laying a solid foundation. Without knowing where you’re starting, it’s tough to create a marketing strategy that actually moves the needle. This step sets the stage for all the growth and success you’re aiming for—and it ensures you’re not just throwing ideas at the wall to see what sticks.

Whether you’re brand new to marketing or you’ve dabbled in it before, this step will give you the clarity you need to move forward with confidence.