The Benefits of a Brand Audit

Lisa Trevelyan ,

Benefits of Brand Audit for a Business

As described by Forbes, a brand is the most precious and valuable asset that any business can own. As time passes, the world is continually evolving, and so is our audience. Keeping track of all the latest trends in marketing and communication can seem like a daunting task. However, it is vital to do so if you wish not to get stuck in a brand standstill. The ultimate goal of any business is to stay relevant at all times. It takes a lot more than having a good service or product to run a successful business, one way to boost your business is to utilize the benefits that come with a brand audit.
Your business might not be going through a positive phase at all times, and there will be ups and downs. Is your business struggling at the moment? Is there a dip in revenue and sales? Are you losing customers? If this is the case, be prepared for a brand audit of your business right away. In today’s business world, competition is cutthroat. Differentiation is the only way a company can survive this competition and stand out from others.

Why is there a need for a Brand Audit?

The aim of a brand audit is to track the performance of your business from the view of your customers. A brand audit will help you identify the positioning of your business and take corrective measures if needed. Furthermore, a brand audit will help you assess the weaknesses and strengths of your business. It helps you with aligning your offering with the expectations of your customers.

What is included?

1. Brand Summary
A brand summary will assess the current performance of your brand. For instance, how do the customers perceive the brand? What are the strengths and weaknesses? Is your business able to create a lasting image? Are you positioned to drive traffic and engage customers with your product? These are the questions that will be addressed in a brand summary. It is an overview of your brand’s current performance.
2. Surveys
To help find answers to the questions mentioned above, a business can develop a survey to understand the customers’ needs, habits, and preferences. Understanding your customer is the most important job of any business owner. You won’t be able to achieve your goal if you’re not able to understand what your customer needs.
3. Compelling Positioning Statement
Branding is all about keeping and winning customers. A brand without customers is unsuccessful. To establish a clear vision for your brand, you need a positioning statement. A positioning statement will describe how your service or product fills the needs of your customers. A good positioning statement is memorable, simple, and tailored to your target market.
4.  Recommending Changes to Brand Elements
During auditing, there might be certain brand elements that will not fit with the buyer’s persona. A brand audit will help you recommend changes to these elements and develop better and enhanced versions. You can come up with these changes with the help of research, competitive analysis, brand positioning, and the audit itself.
5. Creating a 6-month Production Calendar
If you wish to develop effective marketing strategies for your target audience, you need a production calendar aligned with your budget. By having an alignment, you’ll be able to follow an organized structure and meet deadlines.

What are the Benefits?

A powerful brand is capable of captivating, inspiring, and engaging a broad target audience. It not only grabs the attention of premium customers but also encourages social engagement and referrals. To become successful in achieving your branding goals, you need a branding plan and an audit. Following are some benefits of brand audit:
1.  Reality Check
A brand audit is like a reality check for your business – where does your company currently stand in the market? It enables you to identify your brand’s weaknesses and strengths and look for opportunities for innovation and growth. Therefore, if you’re experiencing a decline in sales and revenue, a brand audit will provide you with insights into your brand’s performance and impact in the marketplace.
2. Bring Improvements
A brand audit provides the business with an understanding of how they can bring improvements in their business. It is significant to ensure that the message and purpose of your brand remain strong and clearly communicated. This is important for the profitability of your business. A brand audit will help the company identify areas of concern and then come up with recommendations on how to improve. By evaluating your brand’s performance and ensuring that your business connects with the right audience, a brand audit will provide you with relevant information regarding your brand’s current position.
Throughout the brand audit, you can determine your business’s right actions and what you can do to boost the weaker factors. For most companies, getting a brand audit done every year sounds like a good plan.

When should you do a brand audit?

  • When you are new in the market
  • You have seen tremendous growth in recent times
  • Your business is struggling
  • You are unsure of how to proceed with your business
  • You want to rebrand your business
  • You think that your business is not strong enough.
A brand audit will thoroughly examine your business’s current standing and help you move forward. It will help you find opportunities to innovate and also identify your brand’s strengths and weaknesses. A brand audit and branding plan are two critical areas of branding.

About Lisa | Spherical Strategies Content Creator & Copywriter

Lisa works with Spherical Strategies as a content creator and copywriter. She brings a deep understanding of human motivation to her mastery of writing by utilizing her education in market psychology. She has worked over the past several years as a private contractor, providing industry-specific content and editing for companies of all sizes.

Outside of her work as a content creator, Lisa is passionate about caring for her young son and is only slightly obsessed with gardening.

If you’re interested in discovering more about the benefits of a brand audit, take a look at our website and connect with us at https://sphericalstrategies.com. Team up with us and allow us to help you fulfill your branding goals. Let’s discuss it!