A brand audit is an intricate evaluation of your brands performance in light of its vision, brand persona and annual goals. It helps in judging your brand form a bird’s eye view.
Whilst the procedure of a brand audit will differ immensely for each brand due to their specific company policies and market situation, there are some set areas a brand audit should ideally work towards:
- Create a SWOT analysis
- Shape your strategies according to the demand of your target audience
- Project market share and standing among competitors
- Establish brand performance
These are just a few brief fundamentals concerning brand audit. Here is a comprehensive 7 step guide on performing your brand audit.
- Initial Framework
Before you start anything realize one thing, research is compulsory. Not only should you have complete data about your own company but also valuable information concerning your competitors. It’s not as simple as saying, “I want to start a business.” Industry analysis is an absolute must!
The first official step in your brand audit is creating a framework based on your brand’s mission and goals. Identify your target audience, the market situation you operate within and the strategy you will adopt to broadcast your brand message.
- Communication with the customer is a must
An underrated step often ignored by brands resulting in miscommunication and distance between the brand and its users. This loss of relate-ability can be a severe blow to the brand.
Conduct research by questioning your customers. Conduct surveys, organize focus groups and check social numbers. Remember, customer feedback provides valuable insight to your brand from a consumer level. Data and stats simply cannot do that.
- The age of social media
In today’s day and age, the digital market is too large to ignore. The humongous and flexible reach of social media plays a significant role in your marketing strategy which is why it is instrumental to review social data.
The best part about social media is that it’s cheap and readily available. Precious market data which required months of primary research is now available within seconds thanks to complex algorithms the digital presence of each individual’s user. Insight into customer demographics help you evaluate your brands marketing strategy, current reach and consumer behavior.
- Web Analytics
Thanks to digital media, the steps to starting a business have never been easier and more accessible. In the art of digital marketing, having a web analytics program and reviewing your website performance is of utmost importance.
You can apply the most detailed SEO plans, have a seamless content strategy and run full-proof display adverts and PPC campaigns, but it will all amount to nothing unless you have a starting point and an end goal. A strong digital strategy relies on frequent and educated observations of your web analytics and traffic.
All websites need traffic, but you must know how to get the right kind of traffic in order to convert them into actual customers. Remember, it is all about sales and ROI at the end of the day.
- Competitor Analysis
Your brand exists in a diverse market and an even wider industry. To think that one brand has no relation to or impact on another brand is foolish. Competitor analysis reaffirms your place in the market and gives you better insight on how to compete with them and overthrow pre-established giants if any.
- Sales Data
Evaluating sales data gives you a pretty accurate image of where your brand stands as far as generating revenue is concerned. Analyzing sales data along with the rest of your audit highlights problem areas that your brand needs to work towards.
- Monitor and adapt
The final step of the brand audit is its practical implication. The brand audit is the functional study of your brand and its market which is targeted towards improving your brand reach, sales and overall identity.
The results from a brand audit should be implemented by a well-thought-out plan with actionable insights, a set goal and a fixed time period.
Remember, the market keeps on changing and consumer attitude towards your brand can shift with each new campaign. This is why regular brand audits are a necessity and the secret to the long-term success of so many brands!