What is Brand Audit and Why is it Important for your Business?

Saying that competition is stiff these days can be an absolute understatement, especially in the digital world.  

Having a killer directory of products and services to your credit just isn’t enough to keep you ahead of the pack anymore.  

Your closest competitors has that going for all of them, as well, so there’s really only one way to set your self apart: develop a brand that’s unlike whatever else out there right now.

Yet great brands are living stuff, meaning they need to change and adapt with the times to stay relevant.  

What worked for your personalisation campaign this past year might not work as well this season or next year, either, so it’s essential to audit your own brand regularly to make sure everything’s working as it should.  

Here’s what you need to know to get started on our brand audit.

What is a Brand Review?

A brand audit is a detailed process designed to ascertain exactly how well your customers think your brand is doing.  

Even though details of what’s involved will vary from one business to another, a brand audit can typically investigate all the aspects that make a brand in the first place .  

Examples include but may not be limited to:

  • Overall brand awareness and marketplace placement.
  • Storytelling and other facets of visual marketing.
  • Ideal customer and general target audience.
  • Performance and innovation in the current item catalog.
  • Overall user encounter and satisfaction level.
  • On-going marketing strategies and their alignment with long-term targets.

The purpose of the review is to fully assess the health of your current branding campaign.  

It will show what’s working and show a person what strategies you should stay with. But it can uncover weaknesses and roadblocks that may be stopping your brand from reaching its complete potential, as well.

What is the Value of a Brand Audit?

Even extremely successful companies could regularly be doing a bit better with regards to branding. Businesses grow, times change, and a target audience’s tastes develop.  

A brand review helps you figure out what’s dealing with your branding strategy and exactly what could use some improvement.  

Among other things, your brand audit will help you:

  • Accurately assess your brand’s current strengths and weaknesses.
  • Learn how your target demographic (and the general public) really perceive your brand.
  • Discover how to better align your brand and product catalog with your clientele’s expectations.
  • Discover where your brand name stands in the grand plan of the market and how you are able to improve on it.

Think of a brand audit as a wellness checkup for your ongoing branding strategy.  

Performing one on a regular basis (whether you think you need it or not) is an excellent way to make sure your current marketing campaign is on track.  

It’s also the best way to capture potential issues early before they have a chance to become big problems.  

Of course , you can and should perform additional audits when and if you feel your brand is not meeting expectations, as well.

When Should You Do a Brand Audit?

While there are simply no hard and fast rules as to each time a company should perform a brand audit, it’s a good idea to do one at least one time a year , even if you are relatively sure there are no issues.  

You may also want to consider one under circumstances like the following, as they are signs you either curently have developing problems or could run into some soon.

The marketplace is changing

The world plus society are constantly in flux.  

And as people’s needs and priorities change, so will the market, therefore businesses need to stay ahead of the game if they’re likely to remain relevant.  

Pay special attention to market modifications that directly affect the relevancy of your key offerings.

For example , consider the impact the particular rise of streaming technology has had on the home media industry over the years.  

Netflix stayed ahead of the game simply by changing its offerings to match the times, eventually evolving from lending physical DVDs with the mail to offering among the world’s most popular streaming services.

On the other hand, Blockbuster, formerly among Netflix’s biggest competitors, eventually went out of business simply because they failed to do the same thing.  

Brand audits can help you make sure that your company becomes a Netflix and not a Blockbuster in the face of moving market trends.

Your competitors are usually evolving

Staying on top of market trends and changing consumer expectations is only part of what it means to run a successful brand.

Additionally you need to stay ahead of your competition, so it’s essential to monitor what other companies in your marketplace are up to.

If one or more of your competitors have changed up their offerings lately or come up with something that might be a game-changer, it’s an excellent time for you to reassess your own brand.  

Taking the right corrective actions at the right period can help you keep up , as well as a prompt brand audit allows you to make it happen.

You’ve recently changed your catalog

Sooner or later, every company switches up its offerings to better fulfill its business goals, and yours surely isn’t any kind of different.  

You tasks products to your catalog while retiring old ones. You branch out into some other markets or reach out to new demographics, and that’s just about all great. But you need to make sure your brand evolves along with the rest you’re putting out there.

A brandname audit can help you determine whether your brand is still in step with your company’s public image and present catalog .  

In case it’s not, you can make appropriate modifications before the discrepancies start to hurt your bottom line.

Your efforts aren’t meeting expectations

Sometimes despite your best efforts, you just don’t see the results you expected.  

For example , maybe a marketing campaign you expected to be successful underperformed. Perhaps your sales margins are looking a little thin, your web traffic has dropped, or even your emails aren’t seeing the open rates a person expected.

Problems such as are signs it might be period for a brand reassessment , and a brand audit will help you figure out where you’re going wrong.  

It might be period for a few tweaks or possibly a rebranding plan.

How Do You Carry out a Brand Audit?

Whether you are planning a brand audit to obtain known issues under control or simply just want to make sure your current technique is on point, the fundamental procedure remains the same.  

Keep an open mind, and see the process through to the end , even once you believe you’ve spotted the issue. Thorough audits lead to healthy brands with staying power.

1 . Think about the purpose of your audit

Many brand audits have to start somewhere, and that should be having an honest assessment of precisely why you’re planning an review.  

For example , is this a preventative audit you’re performing just to make sure everything’s in the up and up? Or are you concerned about something specific — like your social media marketing reach or the functionality of your website?

Then create a framework for your audit that includes a list of topics to brainstorm with your team. Decide how you’ll go about addressing each issue and in what order you’ll tackle them.  

Remember, if you’re doing a finish audit, you should address:

  • The strengths and weaknesses of your items.
  • Your competitors plus where you rank in comparison.
  • The functionality and reason for your website.
  • Your desired niche and target markets.
  • What makes your brand different (e. g., pricing or assistance quality).
  • Current and future marketing developments.

2 . Set crystal clear goals for your audit

Before you figure out how well you’re doing in your branding efforts, you should know what you’re hoping to attain.  

So begin by identifying your marketing targets and your priorities moving forward.

  • What are your target audience’s primary needs, values, and challenges?
  • How aware of your brand are these claims audience, and how do they perceive your company?
  • How well does the public perception of your brand align together with your desired perception?
  • What’s your company’s market share like right now? Any kind of ways you could expand or issues standing in the way of the progress you could be seeing?

Once you’ve answered questions like the above, you can start pinpointing your goals.  

Consider the ways in which your brand perception isn’t what you want it to be, as well as how it can be changed.  

Think about whether your brand might be ready to expand into additional markets or go after a larger slice of your current one.

Then consider what’s realistic as far as how quickly you can reach those goals.  

Which can be accomplished promptly and which will likely take more time? Consider which goals will yield the most significant return on your investment once reached, as well.

3. Touch base with your audience

A brand is really only as strong as its audience says it is, so what others think is a critical factor to consider when performing a brand audit.  

Connect with your target audience and start asking questions about your brand. It’s the best way to zero in on any gaps between where you are and where you want to be with your brand identity .

Ensure you’re thorough as far as who you reach out to during this phase of your audit. You’ll want to interview internal stakeholders like company leaders, advisors, and other key staff members.  

Then approach your external audience, including your customers, partners, and any influencers involved in your campaign.

4. Go over your data

Over 80 percent of modern consumers research their options online before making a specific purchase, so make sure you look at your web analytics for meaningful insights into your website’s performance.  

For example, is your site making the right impression on your target audience? How well are your channels driving traffic to your site, and are you appealing to the customers you really want?

Take a good look at your social data, too. Use the demographics tools on your platform of choice to understand your audience better.  

Are your current social media branding efforts attracting the people you want to be attracting? How are all of these numbers aligning with your sales data?

Looking at the numbers attached to your branding efforts and comparing them to what you learn from talking directly to your audience will tell you a lot about your public brand image.  

From there, you’ll have an idea of how to highlight your brand’s strengths better and respond to the expectations of your target audience.

5. Come up with a plan and keep track of results

The purpose of a brand audit is to uncover weak spots in your branding campaign and assess whether or not you’re getting the results you want from your current efforts.  

The next order of business is to put together a plan of action. Decide how you’ll address each of the problem areas revealed from your audit. Set a timeline complete with milestones for each task.

Finally, carefully monitor your progress the entire time to assess the effectiveness of your action plan. It’s the best way to tell whether your new plan is working as it should be.  

Make some tweaks along the way if necessary and continue to keep track of things.  

Once your action campaign concludes, you may wish to repeat the initial audit to measure improvement.

Wrap Up: A Strong Branding Campaign is Everything

Although a lot goes into building a successful business, there’s really no substitute for a recognizable brand identity.  

Your brand is the heartbeat of your business — the part of what you do that your customers identify with.  

Building a solid brand that people can believe in is the key to lasting customer loyalty , and regular brand audits can help you get there.

You’ll also want to consider whether you’ve successfully achieved brand salience.  

How readily do your products and services come to mind whenever your ideal customer is ready to make a purchase?  

Learn when you check out our extensive guide on brand salience , how to attain it, and how to measure it!

The publish What is Brand name Audit and Why is this Important for your Business? appeared first on Rock Content .

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