Why should your company do a brand audit regularly?
At Make My Day Group, one of our expertise is in helping companies conduct brand audits.
A brand audit is a comprehensive assessment of your company’s current branding efforts, including how it is perceived by customers, employees, and the public. It can help you identify areas for improvement and ensure that your branding aligns with your business goals.
Regular brand audits are essential for any company that wants to stay competitive and adapt to changes in the market, customer needs, and industry trends. By regularly conducting a brand audit, you can measure the effectiveness of your branding efforts, gather valuable customer feedback, and make informed decisions to grow your brand.
Our expert team has extensive experience conducting brand audits for companies of all sizes and industries. We use a combination of data analysis and our experience to clearly understand your brand’s strengths, weaknesses, opportunities, and threats.
To ensure the success of your brand audit, it’s important to gather the needed elements to analyze your current situation.
Generally, we require the following elements to get started.
Research and Analysis: Here, we examine your product/service range, target audience, pricing, distribution, and competitors, as well as analyse industry trends and customer needs.
Brand Elements Review: Assessing your company’s brand essence and brand book, including branding elements, such as your name, logo, messaging, and customer experience/customer journey.
Internal Audit: Examine your internal processes and practices to ensure they align with your brand’s goals and values.
External Audit: Research and analyse your company’s external communications, such as advertising, PR, and social media, to determine how effectively your brand is being communicated to the target audience.
Competitive Analysis: Compare your company’s branding and marketing efforts with those of your competitors to identify strengths, weaknesses, and opportunities for improvement.
Customer Feedback: Gather feedback from customers through surveys, interviews, or focus groups to understand their perception of your brand.
SWOT analysis: Assess the strengths, weaknesses, opportunities, and threats of your brand.
Benchmarking: Measuring your company’s performance against industry standards and best practices to identify areas for improvement.
Don’t stress if you don’t have everything available; we can help you to put it all together.
A brand audit is a team effort, so it’s important to determine which team members will be part of the journey.
Are you wondering what exactly happens during a brand audit? A brand audit is a fun and exciting process where we take a closer look at your company’s current branding efforts, identify areas for improvement, and develop a plan to align your branding with your business goals.
Here’s a general idea of how we do this:
Define the objectives: We work together to determine the specific goals for your brand audit, such as identifying areas for improvement, aligning your brand with business goals, or assessing the effectiveness of your current branding efforts.
Gather data: Together, we determine which data needs to be collected and determine what to prepare for your brand audit.
Conduct internal and external audits: This consists of examining your company’s internal processes and practices to evaluate the alignment with your brand’s goals and values.
- Review data: Once the data is collected, we start analyzing it.
Develop recommendations: In this step, we use the findings from the brand audit to develop recommendations for improving your company’s branding efforts and aligning them with business goals.
Implement and monitor: Lastly, we work with you on developing the tools needed to implement the recommendations and monitor the results to ensure that the company’s branding efforts are effective and aligned with business goals.
Once a brand audit is complete, you can expect to have a clear understanding of your brand’s strengths, weaknesses, opportunities, and threats. With this information in hand, you’ll be able to make informed decisions about improving your branding efforts and achieving your business goals.
You can expect to receive a detailed report outlining our findings and recommendations, along with a plan of action for implementing changes. This may include revising your messaging and visual identity, re-evaluating your target audience, and identifying new marketing opportunities.
Additionally, you can expect to understand better how your customers perceive your brand and what they expect from your company.
According to a study by Forbes, businesses that conduct regular brand audits see an average of 23% increase in revenue. Another study by the Brand Finance Institute found that companies that invest in building and managing their brand see a return on investment of up to 5:1.
Overall, a brand audit is the first step in creating a long-term brand strategy and ensuring that your branding works for you and not against you. It’s an exciting process that can bring a renewed sense of energy and focus to your company and has been shown to increase revenue and return on investment. And we’re here to help you every step of the way!