Your brand is one of the most important components of your business. If you don’t understand how it is positioned, your marketing can get out of whack. A Brand Audit as described in this post is a valuable tool to ensure future performance.
Originally posted on Crazy about your brand:
Written by Chipo Mapungwana
A brand audit is a thorough examination of a brand’s current position in an industry compared to its competitors and the examination of its effectiveness.
Before deciding to conducting a brand audit, ask yourself these questions
- How well is your business’ current brand strategy is working?
- What are your company’s established resource strengths and weaknesses?
- What are your external opportunities and threats?
- How competitive are your prices and costs?
- How strong is your business’ competitive position in comparison to its competitors?
- What strategic issues are facing your business?
The main goals of a Brand audit are:
- To uncover your business’ resource strengths, deficiencies, best market opportunities, outside threats, future profitability, and competitive standing in comparison to existing competitors.
- To establishes the strategic elements needed to improve brand position and competitive capabilities within the industry.
- To examines whether your business’ share of the market is increasing…
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