Brands have lifecycles - they begin with excitement, enter a growth phase, reach the top of their growth arc, and then slowly lose relevance as customers move onto a more relevant, up-to-date brand.
When a brand reaches its tipping point in its lifecycle, and as a result sales decrease, it may be because customers no longer resonate with your brand’s value proposition.
Completing a brand audit is an opportunity to take an objective look at your brand from a critical perspective.
A comprehensive brand audit will also, more often than not, reveal growth opportunities and different ways for new markets to resonate with your brand and who represents your brand’s future.
If you believe your brand could use a check-up, get in touch with a brand agency and let them assist you in initially determining your brand’s strengths, weaknesses, opportunities and threats and assess your needs.
A good brand audit will include an assessment of the following:
This includes your customers as well as your distribution partners, supplier partners and sales reps and determining how they perceive your brand.
Gaining insight and understanding of how stakeholders within your company perceive your brand’s value proposition is vital because they are in direct contact with your customers; and it’s equally important for management, product development, manufacturing and all other departments to have a clear picture of what your brand stands for.
Since your brand competes with other brands offering the same or similar services and products, it is highly beneficial to compare your brand’s appearance, messaging and capacity within the competitive environment. Take a hard look into new product initiatives and value-added services. The key is to differentiate your brand by standing out and being outstanding.
What is your brand promise? Is this promise still relevant in the market and important to customers? Does it reflect a valuable competitive advantage that may not be readily available elsewhere?
Do customers immediately know what your brand stands for? Your brand audit delivers a reality check on just how well the personality and essence of your brand is resonating.
Your company will benefit from important metrics such as brand awareness, purchasing behaviours, attitudes, values, market share and your customer’s lifetime values.
Brand architectures can get out of alignment over time. Also check that there is no confusion between the Corporate Brand and other attribute brands or branded features.
Often brand owners/managers think only about the visual consistency of its messaging. Go one step further - what are the primary and secondary messaging platforms communicating? Is there consistency throughout and is it updated to fit the visual messaging?
Does your brand receive the resources it needs to grow? Do you know what you should be spending your resources on? Are there more effective tactics that will produce the desired results in your activities?
A brand audit will provide an analysis of your company’s branding and its brand management and brand marketing effectiveness and will result in recommendations to improve brand equity, brand positioning , and brand management and marketing effectiveness.