A brand audit is a thorough examination of a brand’s current position in the market compared to its competitors and a review of its effectiveness. It helps you determine the strength of your brand together with its weaknesses or inconsistencies and opportunities for improvement and new developments.
Why do a brand audit?
A brand audit will help identify both the company and the customer viewpoint in terms of:
- Business/brand resource strengths
- Value of the brand
- Awareness of the brand in the market
- Deficiencies of the brand
- New trends and market opportunities
- Outside threats
- New product development and future channels of profitability
- Competitive standing in the market
- Perception, image, reputation and attitude to the brand in the market
- Effectiveness of brand management efforts
A brand audit provides an important benchmark and can greatly assist in crucial areas like planning, brand building, and strategy. As successful brands have the potential to add considerable financial value to their owners a brand audit is a significant investment from many perspectives.