Have you ever checked your company’s profile from its bottom line to understand the strength and weakness of your product? A brand audit is nothing but pure health checkup to your brand. It will let you analyze the exact marketing position of your brand. All you need is to sit back and analyze everything for your product’s long survival because every product and business in the field have their life cycle.
How to do a Brand Audit?
A brand audit can be done by a specialist or you can conduct by yourself either. A brand audit consists of many components which you have to make it count. But the list of the components may differ from business to business. A brand audit can go deep if the brand is considerably big. It also depends on the organization, market, timescales, power, and size of the products. What you are going to find through the audit is nothing but the answers to a few key questions.
Is your business profitable?
What are the strength and weakness of your product?
Does your brand have external threats and opportunities?
Comparing your business prices and costs with your competitor
What are the problems your business facing today?
Strategy review, market research review, communications, and brand collateral reviews, Online engagements, External information research and review, Employee research and interviews, HR Reviews – these reviews will be conducted in the brand audit process to make your business stand out from the crowd.
Brand Auditing Process :
Brand Summary :
Here are the steps that might lead you to take the successful brand auditing. The very first step is creating a brand summary of your product. Brand summery is nothing but the answers to the above questions. Once the summery got ready, it will help you to understand and match it with survey results. You can add the primary and secondary values of your product, what your brand means to your customer, your brand promise, brand story and its purpose in the market.
If you really want to evaluate your brand then the survey will help you out. Its outcome depends upon the size and reputation of your brand. Emails, Direct mails, telephonic surveys can be done to get the feedback of your product and to know your customers’ loyalty. It expands your relationship with your customers.
Ask some direct questions
It will help you to identify the following perceptions on your brand. Ask your customers about your company’s standard? key benefits they expect from you? The experience they have with your product and company? What will come to their mind, if someone says something about your product? You can get the plain but more accurate answers to these questions.
The overall surveys and interactions definitely would give some results about your product. Now you can find out the problems you have with the brand’s bottom line. Improve brand management efforts in the term of brand awareness. Strengthen the online and offline communication of your marketing. Monitor your brand architecture, business structure, and brand portfolio. Make the pavement for your brand’s future.