A brand assessment allows you to examine your brand’s power, emphasize its importance to clients, and, if necessary, reposition the brand to take into account market developments. Additionally, it aids in renewing your commitment to the company’s mission and objectives with your team. We assess your brand internally and externally, discovering discrepancies between what you want it to stand for and how consumers view it in the marketplace. https://studio9brand.com/our-services/ visit our page and see how we will build your brand.
What is a Brand Audit/Assessment?
A thorough process called a brand audit is used to find out how well your target market perceives your brand. While the specifics of what is required will vary from business to business, a brand audit will normally look into all the elements that go into creating a brand in the first place.
Examples could also include but are not limited to:
- Overall brand awareness and marketplace position.
- Storytelling and other aspects of visual marketing.
- Ideal customer and general target audience.
- Effectiveness and innovation in the current product catalog.
- Overall user experience and satisfaction level.
- Ongoing marketing strategies and their alignment with long-term goals.
The audit’s main goal is to evaluate the overall health of your present branding effort. It will let you know which tactics are effective and which ones you should use consistently. It will, however, reveal flaws and obstacles that might be preventing your brand from realizing its full potential.
Figure 1 Brand Assessment Frame Work.
Importance of Brand Assessment:
Even highly successful businesses might always improve their branding efforts. Businesses expand, the economy changes, and target audiences’ preferences shift. A brand audit enables you to identify the aspects of your branding strategy that are effective and those that could be improved.
Your brand assessment will assist you with, among other things:
- Accurately assess your brand’s current strengths and weaknesses.
- Learn how your target demographic (and the general public) really perceive your brand.
- Figure out how to better align your brand and product catalog with your clientele’s expectations.
- Discover where your brand stands in the grand scheme of the market and how you can improve on it.
Consider a brand audit as an annual physical for your branding program. One wonderful approach to ensure sure your current campaign is on track is to do one on a regular basis, whether or not you believe you need one.
It’s also the most effective strategy to identify possible problems early before they have a chance to develop into significant ones. Of course, you can and ought to perform extra audits whenever and if you believe your brand isn’t living up to expectations.
Types of Brand Assessment:
Internal Brand Assessment:
We assess current marketing tactics, materials, media, and communications as part of an internal audit. Engage with key management, and do internal brand perception research by interviewing staff members at various organizational levels. Review current consumer and market data, including customer satisfaction surveys, and find out how the company believes it competes in the market.
External Brand Assessment:
We undertake an evaluation of external audiences and their brand views based on the findings of the internal brand audit. Our team develops a market research program that may include any number of the following external studies: research on an existing customer brand perception, research on a competitive set, and research on prospective customer attitudes and perceptions, depending on the existing and/or ongoing research studies of your company.
Figure 2 Requirements of Brand Assessment.
Why Brand Assessment is Absolutely Necessary?
It’s a good idea to conduct a brand assessment at least once a year, even if you’re reasonably certain there are no issues, even though there are no hard and fast guidelines about how often a company should do one. Consider one if any of the following apply because they are indications that you are either already experiencing troubles or are about to do so.
The Market is changing:
Society and the planet are always changing. Businesses must stay one step ahead of the competition if they want to stay relevant as people’s needs and priorities evolve, as will the market. Pay close attention to market adjustments that have a direct impact on the applicability of your core products. Take the effect that the development of streaming technologies has had over time on the home media market, for instance. In order to stay ahead of the competition, Netflix adapted its services to the times, finally transitioning from mailing out physical DVDs to providing one of the most well-liked streaming services. However, Blockbuster, once one of Netflix’s main rivals, finally went out of business because they failed to follow suit.
Your Competitors are Evolving:
Running a successful brand involves more than just being current with industry developments and shifting consumer expectations. It’s crucial to keep track of what other businesses in your market are doing if you want to stay one step ahead of your rivals. It’s a great idea to review your own brand if one or more of your rivals have modified their product lineup or developed something that could completely alter the market. A fast brand assessment enables you to make it happen. Taking the appropriate remedial steps at the appropriate moment can help you keep up.
You’ve Recently Changed your Catalogue:
Every business changes its offers at some point in order to better achieve its objectives, and yours is undoubtedly no exception. Your catalog is updated with new products, while outdated ones are retired. It’s excellent when you diversify your business and target new populations. However, it’s important to make sure that your brand develops with everything else you’re putting out there.
A brand assessment can assist you in determining whether your brand is still consistent with the public perception of your business and the current catalog. If it isn’t, you can fix it before the differences start to impact your bottom line.
Your Efforts aren’t meeting expectations:
You simply don’t always get the outcomes you were hoping for, despite your best efforts. Perhaps a marketing initiative that you thought to be effective underperformed. Perhaps your online traffic has decreased, your sales margins are starting to seem a little thin, or you’re not getting the expected response rates from your emails. Such issues are warning indicators that it may be time to review your brand, and a brand audit can show you where you’re making mistakes. Perhaps some adjustments are required, or perhaps a rebranding strategy.
Conclusion:
A brand audit enables you to determine what aspects of your branding strategy are effective and what still need development. Your brand audit will aid you in a number of ways, including Analyzing the strengths and weaknesses of your brand today. Learn how the general public and members of your target market actually feel about your brand.
Sources of Reference:
https://brandfinance.com/insights/brand-evaluation-management-practice
https://www.think-beyond.co.uk/why-you-need-a-brand-audit/
https://rockcontent.com/blog/brand-audit/
