Everything You Need To Know About Brand Audit Framework in 2023
A Brand Audit framework is a comprehensive and detailed analysis and review of the actual brand status on the market, consumer opinion, and the industry as a whole about their competitors compared to get the overall status.
It reviews the efficiency of the brand and helps identify its strengths, limitations, more prospects for growth and development, and provides corrective action if the brand is damaged in the future by incoherence.
This article will talk about brand audit examples, and meaning, and discuss steps to conduct a brand audit. So read and find out.
What Is A Brand Audit Framework?
The principal objective of a Brand Audit framework is to understand and identify the current position of the brand. It is a significant part and a valuable exercise for a long-term strategic agenda in overall brand management.
It takes a step backward and sees the general image and the third-party situation as brand developers and cytostatics also appear to be prejudiced in brand strategies and operations that may not be good for the brand or the business in general.
The brand audit takes place if the company is facing any problems with the positioning, the sales, the benefits sector, and the way the consumers and market view the brand.
It is often carried out when the enterprise wants to rebrand itself with new goods and services or because of the shifting nature of the industry or changing tastes and consumer desires. The brand audit framework permits:
- To determine the brand’s performance in the market as compared to its fellow competitors.
- Find out the brand's strengths, limitations, opportunities, and powers.
- Developing and aligning company plans closer to meet consumer needs.
- Determine the market position of the brand from the POV of the consumer.
Marketing Factors To Consider For a Brand Audit Framework
Here is the list of marketing factors that you must consider for a brand audit
Brands Intrinsic Factors
- Tone of voice
- Logo and mascot
- Creative artworks
Brands Extrinsic Factors
- Sales marketing and Marketing collaterals
- Employee motivation and welfare
- Customer Relationship Management
- Sales figures
- Marketing budgets and plans
- Nature of services and products offered
Importance of Brand Audit Framework
Brand Audit lets the business and the brand concentrate on current and potential consumers so that they fulfill their requirements and standards. It helps to define whether the customer is loyal or not to the brand, which reasons are the driving forces behind the brand and the steps the new customers need to make to the brand, and what strategies or plans must be taken to keep the brand loyal to consumers within the fierce competitiveness of the market.
It helps the developers and cynosures identify the brand’s potential attributes and distinctions, which distinguishes it and creates a distinctive identity on the market and offers a premium for its offered products and services.
As we all know, many brand names in the industry sell similar products and service lines, but a few critical elements of those marks distinguish this from the competitive edge, which allows the business to identify the edge as a competitive differentiation through the brand audit framework process.
The brand audit helps the firm reinvent itself into a refined and revalued set of principles, ethos, priorities, and new corporate identity that is aligned with the essence, values, and goals of the company, with the catchy logo, the sketch, vision, challenge, and innovation.
Steps of Brand Audit And How To Conduct It?
Here is a step-by-step process that you need to follow to conduct a brand audit:
1. Create the framework and summary of the brand
A brand overview and the context that includes intrinsic factors, such as principles, goals, a voice tone, logo, slogan, and mascot, along with extrinsic factors, such as marketing collateral, sales statistics, marketing strategies, and others, will form the first step in the Brand Audit.
The whole history and critical aspects of the brand architecture have to be examined, and whether it will work for the profit of the brand or not should be examined.
2. Determine the methods for the survey
It is very important to detect and pick the survey methods that will deliver the observable results to make the brand audit framework results successful and of an optimum level. The approaches vary with current and potential consumers, including the main industries involved in the brands, including e-mail surveys, phone surveys, one-to-one sessions, and social media surveys.
Many agencies are active in carrying out brand audits and surveys. In addition to open questions like what consumers expect of the brand, whether it needs any improvements, and are pleased with the offering and how the brand is conducting itself in the market, all of the questions raised in the survey should always connect with the brand.
3. Check the competition
Looking closer at the competition, it becomes essential to see what they are selling, their target demographic, the size of their consumers, marketing and sales strategy, brand values, fundamental values, and goals.
4. Review the sales data
The details and figures for sales must be thoroughly reviewed over a period, evaluating the profit ratios and the correct filtration of the consumer information with such criteria as age, sex, venue, income levels, and purchase nature. Because of the business cycles, the fluctuation of selling prices must also be considered. This is one of the most important steps in the process of a brand audit framework.
5. Review web and social analytics
The number of hits and visits from the domestic and foreign markets to the company site should also be checked, as it results in brand value level and recognition in its target markets. The same is true of the brand’s social media grips.
6. Examine the results
Following the completion of a brand audit framework with observable outcomes, the results should be analyzed without prejudice to the brand and facets that are contradictory and need to be improved. This completes the overall process of the brand audit. The company must follow the step-by-step process to get effective results. You can follow the 6 Effective Steps to Conduct Brand Audit for better results.
Frequently Asked Questions(FAQs)
Q1- What is the purpose of a Brand Audit?
Ans- A brand audit can help you determine what is working well in your branding strategy and what could be improved. Your brand audit will aid you in the following ways, among others: Determine your brand's current strengths and weaknesses.
Q2- What are the 4 Brand Audit Components?
Ans- A strong brand necessitates a strong brand identity, brand image, brand culture, and brand personality. Implementing a successful brand strategy that develops all four of these components increases brand trust, loyalty, and awareness.
So now you must be clear about what is brand audit and what is its importance. There are countless ways to demonstrate your brand's positioning, but one of the simplest is to illustrate your positioning strategy, briefly describe your competitors' current positioning, identify what makes your brand unique, and conclude with why this position will benefit your brand.
Brand Audit is necessary to check the company’s status in the market; therefore, it should be conducted regularly.
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