A brand audit is a process of examining your position in the market, comparing it to your competitors, and assessing the effectiveness of your overall business strategy.
While conducting a brand audit, you first take a look at the situation within your company. You analyse its strengths and weaknesses. A brand audit discloses how your customers feel about your company, how your company compares to your competitors, and how it performs generally.
A brand audit will help you conduct the SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis and determine the direction in which your company should develop. This process can help keep you on track and consequently grow your business
Why conduct a brand audit?
At first glance, a brand audit might seem like an unnecessary process. The amount of data you need to analyse is huge, as you need to take a deeper look at different aspects of your brand presence, both off- and online.
A brand audit is necessary for building a strong brand. Strong brands make more money and are more immune to crisis. A robust brand has higher brand awareness levels which directly translate into higher sales and lower churn.
Brands with established positions in the market spend less money on attracting new customers. The rate of returning customers is also higher for healthy brands. People refer brands they have a positive interaction with to their friends and families.
All spects mentioned above are elements of a healthy brand. All of them will increase your bottom line. Most importantly, the better hold you have on your brand, the stronger it will appear to your customers, and the more they will remember it.
If you don’t have the time or resources to strengthen your brand, consider engaging a marketing agency to help. Our team is equipped and ready to begin the steps of brand building for your company.
Contact us today to set up an ½ hr free no obligation appointment.