Perform an assessment of your brand’s strength and evaluate its effectiveness in supporting your sales and marketing activities.
When mapping out the direction which your business should move towards, chances are you’re not just planning for the next year; you’d be thinking about two or even five years ahead. In order to achieve your five- or ten-year goals, you need to make certain strategic decisions today that will form the building blocks to your long-term success.
However, before you determine your business, brand and marketing strategies, there is a crucial step you must take that will be extremely helpful in the process of setting your strategies. That step is to conduct a brand audit. 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. Learning more about your brand’s current performance, the perception of consumers, and how well your branding and marketing efforts and investments are working to help you reach your business objectives will give you a clear picture of where your brand is at now and what improvements you need to make in order to steer your brand towards the right direction.
Every business owner, brand manager and marketing manager will definitely benefit from performing a brand audit during the early stages of business planning. However, not every organisation has the time or resources for a brand audit. If you need any assistance with conducting a brand audit, please contact us at sparklingbrands@gmail.com.