20
Sep

5 Key Benefits of a Brand Audit

5 Key Benefits of a Brand Audit

  • Strengthens exactness of brand positioning
  • Helps plan corrective strategies
  • Enables discovery of business strengths and weaknesses
  • Helps align offer more accurately to customer expectations
  • Periodically updates you with perceptions about your brand, so you can respond accordingly

A brand audit helps you discover the big, bold truth about your brand. In a very real way, it’s like looking in the mirror and seeing things the way your customers do.

The brand audit, defined

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 you should do a brand audit

The purpose to document one is to ascertain how your business is performing in the eyes of your customers and to ensure that it is always in line with their expectation.

Stand out among your competitors

Brand audits are invaluable assets to any business – especially if the aim is to remain in business for the long run. Here’s why:

  • Brand audits enable businesses to tap into their strengths and weaknesses.
  • It creates opportunities for improvement and helps find ways to stay relevant and continue growing.

Creative Caterpillar recently conducted a brand audit for a petrochemical company in Johannesburg, named

Tipublox Energy Group. The brand audit, as part of a full brand redevelopment, ensured that the brand remains effective and relevant for years to come.

 

Brand Audit - client old logo Tipublox Petroleum-min

Figure 1 – Old Tipublox Petroleum Logo

 

Brand Audit - client new Tipublox Energy Group linear logo -min

Figure 2 – New Tipublox Energy Group Linear Logo

 

Brand Audit - client new Tipublox Energy Group linear logo inverted version-min

Figure 3 – New Tipublox Energy Group Inverted Logo

In summation, a brand audit involves a great deal more than tweaking a logo to better stand out among competitors. A brand audit is an accurate investigation of a brand’s current position in its market compared to its competitors, and a review of its performance. It helps regulate the strengths of your brand together with its weaknesses and opportunities for improvement and new business development.

A brand audit will help analyse both the business and the customer viewpoint in terms of:

  • Brand resource strengths
  • Brand value
  • Market awareness
  • Brand insufficiencies
  • Trends and opportunities
  • External threats
  • New product development
  • Brand perceptions
  • Brand management efforts

A strong brand can captivate, inspire, and engage your audience and as such – add major value to your bottom line. But even solid brands need a ‘reality check’ or ‘health check’ to keep them on track with what really matters.

A powerful, consistent brand means you spend less money on capturing new customers.

It means your current clients will keep coming back for more, while you’re able to charge a premium for the goods or services you offer.

A strong brand boosts referrals, whether they are online in the social media arena or offline in a physical form. A Brand audit is a vital part of the brand and its profitability.

But at the same time, a weak, disconnected, dated brand will gradually see its market decrease, low sales and potentially put you out of business.

A comprehensive brand audit will usually reveal new growth opportunities for your brand, and new methods to make your brand resonate with both existing and better yet a new generation of customers who will represent your brand’s future for the long-term.

Schedule a comprehensive brand audit with Creative Caterpillar and optimise the equity of your biggest marketing asset.

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