Large companies such as Coca-Cola, Pepsi and Nike conduct marketing audits regularly to stay abreast of the latest trends and maintain their leadership in the market. In this article, we will look at some examples of successful marketing audits of well-known brands and see what results they produced.
PepsiCo
In 2015, PepsiCo conducted a marketing audit that found they were losing market share in the US due to the declining popularity of carbonated beverages. As a result of this audit, PepsiCo decided to expand its product line and launched several new brands, such as Aquafina FlavorSplash and 1893. In addition, PepsiCo paid attention to healthy eating and changed the composition of its products, adding less sugar and, accordingly, products with fewer calories. This led to PepsiCo once again strengthening its position in the market, increasing its profit by 4.4% in 2016.
Coca-Cola
In 2011, Coca-Cola conducted a marketing audit that found they could not compete with their main competitor, Pepsi, in the US. In response, Coca-Cola launched its new marketing campaign called “Open Happiness,” which focused on creating an emotional connection with consumers and developing social networks. The company has also changed its product mix, adding new flavors and formats. This led to an increase in Coca-Cola’s market share in the US, as well as a 5.8% increase in total global sales in 2012.
Nike
Nike is one of the biggest brands in the world of sportswear and footwear. In 2017, Nike conducted a marketing audit that found that the company was losing popularity among the youth audience. As a result of this audit, Nike decided to expand its target markets by focusing on new target audiences such as women and children. The company has also expanded its product line by adding new models and collections to meet the needs of new target markets. This led to Nike once again strengthening its leadership in the sportswear and footwear market and increasing its profit by 6% in 2018.
Procter & Gamble
In 2012, Procter & Gamble conducted a marketing audit for its Tide brand, which helped the company understand the behavior of its customers. The audit allowed the company to change its marketing approach, given that many consumers buy Tide products based on recommendations from friends and family. This made it possible to increase brand recognition and increase sales.
Nestle
In 2014, Nestle conducted a marketing audit to understand how its Nescafe brand was performing in the market. The audit helped the company identify new target audiences and change its approach to advertising, paying more attention to the emotional aspect. These changes brought success, and in 2015, Nescafe’s sales increased by 3.5%.
Unilever
We would like to point out that a marketing audit can be a useful tool for any business, regardless of its size and the market in which it operates. If you want to conduct a marketing audit of your business, contact our experts at Guild of Marketing. We will help you identify the weak points of your marketing strategy and offer solutions that will help you increase your profits and strengthen your leadership in the market.
