It is vital for every organization, whether an emerging business or a long-established corporation, to be constantly aware of their position in the ever-changing marketplace. Knowing where a business stands in relation to its competitors and consumer sentiments can be useful when making decisions that will determine the long-term success of the business. Therefore, it is vital for every business owner, brand manager and marketing manager to conduct a brand audit at the beginning of the business planning process.
A brand audit is an analysis of the current position of your brand in the market compared to your competitors, and whether your brand is effective in helping your business achieve its goals. It identifies the strengths and weaknesses of your brand as well as inconsistencies and opportunities for growth. It also provides insight into consumer awareness and attitude towards your brand, and point out any new trends that you can take advantage of.
Based on the analysis, the brand audit report provides recommendations for areas that require improvement, as well as provide support to your brand by:
enhancing brand awareness among your employees
encouraging refocus in brand management efforts
refining the effectiveness and congruency of your marketing communications
providing insight into your brand architecture, business structure and brand portfolio
evaluating and refocus your brand positioning
providing direction for your brand into the future
Recommendations from the brand audit findings, if implemented consistently, helps secure and grow the value of your brand and business.However, conducting a brand audit requires time and resources that your organization may not have. If you’re keen to learn how a brand audit can benefit your brand and your business, please contact us at sparklingbrands@gmail.com.