Why do a brand audit?
Why do a Brand Audit?
‘Why do a brand audit?’ is something I constantly have to educate prospective and existing clients. Brand audits help businesses recognise their strengths and weaknesses, they create opportunities for improving, and find ways to help them stay relevant and move forward. It also helps a business to determine how they can sharpen their corporate image so they stand out among their competitors.
A brand audit is an accurate investigation of a brand’s current position in its market compared to its competitors, and a review of its performance. It helps you regulate the strength of your brand together with its weaknesses and opportunities for improvement and new business development.
The purpose of a brand audit is to show you how your business is performing in the eyes of your customers. It offers you the following benefits:
- It helps determine the positioning of your business, which can result in planning corrective strategies moving forward.
- Allows you to determine the strengths and weaknesses of your business.
- Empowers you to get up to speed with the knowledge (positive or negative) of your business.
A brand audit will help analyse both the business and the customer viewpoint in terms of:
- Brand resource strengths
- The brand value
- Brand awareness in the market
- Insufficiency of the brand
- Trends and opportunities
- External threats
- New product development
- Brand perception, image, reputation and attitude
- Brand management efforts
The Brand Truth
The proof is in the pudding….Strong brands make more money. The stronger your brand, the more powerful your business is. A dominant brand can captivate, inspire, and engage your audience and thereupon increase your bottom line. But even strong brands need a ‘reality check’ or a health check to keep them on track.
A powerful, consistent brand means you spend less money on capturing new customers. It means you current customers will keep coming back to and then you will be able to charge a premium prices for your goods or services. A robust brand also boosts referrals, whether they are online in the social media arena or offline in a physical form, it is a critical part of the brand and its profitability.
But uniformly a weak, disconnected, dated brand will gradually see its market decrease, low sales and potentially put you out of business.
A comprehensive brand audit will usually reveal new growth opportunities for your brand, and new methods to make your brand resonate with both existing and better yet a new generation of customers who will represent your brand’s future for the long-term.
Don’t hold it off any more longer… contact DesignLab for your brand audit today!