A step by step guide to conducting a winning brand audit
What you need to know (in a nutshell)
- A brand audit is a comprehensive examination of a company’s branding relative to its competitors and can provide valuable insights into a company’s strengths and weaknesses, as well as opportunities for differentiation and improvement.
- The benefits of a brand audit include increased advertising continuity, market distinction, the attraction of new customers, charging premium rates, and increasing brand value.
- A brand audit can be particularly useful in deciding whether or not to rebrand and in constructing an argument for rebranding within an organization.
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Conducting a Brand Audit
Wondering how your brand is faring? Many people struggle with this query but an audit can provide clarity.
CEOs and marketing executives alike can use a brand audit to gain an all-encompassing understanding of their current branding situation, enabling them to make informed decisions about the future.
What is a brand audit?
A brand audit is an in-depth examination of how a particular brand stands relative to others on the market. An audit of a brand typically involves evaluating both the audited brand and some of its fiercest competitors regarding their competitive landscape.
A brand audit aims to compare a company’s capabilities with those of its closest rivals while looking for chances to make its product stand out. It examines the strengths and weaknesses of each firm along different parameters.
A brand audit report summarises the results of an assessment and suggests ideas for differentiating a business from its rivals as well as boosting overall brand performance.
What are the benefits of doing a brand audit?
These can include ensuring uniformity of promotional activities, gaining new clients and boosting brand awareness.
A brand audit can offer numerous advantages, some of which are listed here. All these affect your profits directly:
Clarify the brand
Brand audits allow you to identify what is and isn’t working, so decisions about your brand’s future can be made with confidence.
Knowing the purpose of your brand will help create a positive experience for customers.
Increase advertising continuity
To create trust and credibility with your brand, maintaining consistency is essential. An audit can detect any inconsistencies across various marketing channels.
An audit can provide an impartial and comprehensive look at one’s marketing, making it easier to measure its effectiveness.
Increase market distinction
How does your brand stand out from competitors? Is the difference only surface-level benefits or are there deeper, more genuine distinctions?
An audit can reveal possibilities to stand out, beyond superficial differences.
Attract more customers
When in an advantageous position, it’s easier to focus on attracting and retaining your most lucrative customers.
Having a brand audit not only reveals potential ways to stand out but also enables you to accurately position your company, so that the right people are targeted with personalised messages.
Charge premium pricing
Brand positioning often determines if a brand is considered “premium” and customers are usually willing to pay extra for it.
Through a brand audit, organisations can learn how to present their product or service as premium so they may benefit from higher pricing.
Increase brand value
Research on the return on investment in branding has shown that up to 40% of a company’s value is made up of brand worth.
Enhancing brand equity is an advantageous and cost-effective way of raising the worth of your business.
Auditing is one of the most useful methods for assessing brand equity, allowing you to discover ways to strengthen it.
Deciding on rebranding
An audit can help you decide if it’s time to revamp your business.
CEOs and marketing executives often ask, “When do I know it is time to rebrand?“. A beneficial brand audit will help answer.
Supporting an argument for rebranding
Brand auditing is the best starting point for those responsible for brand management in an organisation to make a case regarding updates.
A brand audit report details your company’s strengths and weaknesses compared to its competitors, providing evidence for a branding refresh or rebrand.
A brand audit should be an initial step for your company if you plan to rebrand.
To start revamping a brand, logo or website, one must first understand the current positioning of their business among competitors.
Generally, when rebranding a business you should keep the positive aspects associated with it and eliminate any weaknesses.
Getting ready to move in a different direction
Research your competition with a brand audit if you want to enter an unfamiliar industry. This will help determine how well your business measures up against the current market players.
Examining your brand’s positioning in comparison to the leading brands of a new vertical can show you potential niches for success.
Not standing out from competitors
Ultimately, corporate branding is all about standing apart from the competition.
An audit of your brand can help you stand out from competitors if it feels like there’s too much uniformity in the market. It’ll pinpoint areas for bold differentiation.