Companies with strong brands produce more profit, have a higher company value, command a premium, and achieve preference and salience which reduces the cost to sell to a customer and helps the brand to defeat the competition.
That means that your brand needs to be carefully managed. A brand strategy helps to define the direction for your company, while a brand audit checks that it is moving in the right direction.
Think of the brand audit as an annual health check for your brand designed to help you to see what has gone well and can be built on, what needs to change and what new opportunities may have arisen. The brand audit allows you to identify where you need to take action to keep your business on track and to revitalise the brand before things start to slip.
With a brand audit that has thoroughly reviewed your brand’s position in the market and its successes you are better positioned to determine the strength of your brand, identify your weaknesses, where your threats lie and find new opportunities for growth.
Ideally you’d commission a brand audit each year, just before you begin your annual planning and budgetary cycle. You should consider a brand audit an essential step if you are thinking of relaunching or rebranding. You should also undertake a brand audit before you acquire, merge with or invest in a company. In all cases the brand audit will help you to see clearly where your brand is against where you want or need it to be and give you a clear idea of what needs to be done to get it there.
If you have an existing brand strategy, we’ll use that as the basis for our brand audit. If not we can start with your anecdotal and quantitative data and knowledge. Either way through a combination of field research, desk research and workshops we will identify your brand’s current status with regard to:
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