As you witness your company growing or evolving, there is a time that you need to check whether your brand is performing well according to its internal goals or the marketplace. There might be signs that may tell you that you need to take a brand audit or even positive developments (such as a new product range) which necessitate the brand audit. Read this blog post to understand under which circumstances you need a brand audit, and how often you need to do one.
1. The Negative Signals to tip you off
So when should you conduct your brand audit? Industry experts have said that there are around four common signs that can tip you off that something is not right and you need to look into it:
· Unexpected drops in sales that cannot be attributed to specific company activities
· Growth stalls and your marketing campaigns are not bringing results
· Other competitors have gained your market share
· Your customers and employees cannot answer affirmatively when you ask them what the brand means to them
· Your customers make an unexpected decision to switch to your competitors’ brands for their needs
· Your website traffic is low
2. The Positive Circumstances
However, do not make the mistake of thinking that you need to do a brand audit only if there are negative circumstances. There are several positive reasons to perform a brand audit – think of them as milestones. Here are some of the milestones for which an audit seems appropriate:
· The launch of a new range of products or services
· You have grown beyond your existing brand strategy
· Your business has outgrown your current website and social media channels
· You are looking to open offices in other cities
· You have grown into new markets which mean new competitors
3. Brand Audit Frequency
As you keep growing and the business keeps evolving, we highly recommend that you mark the occasion with a brand audit.
Consider doing a brand audit at least once every two or three years. Sometimes, things have not changed between one audit and the next, but you can find nuggets of information that will help differentiate you in the marketplace. Each brand audit should take 2-3 days to complete so you can find all information.
The Next Steps
Now that you know the signs to look for, both positive and negative, you can get started with your brand audit. If you want to begin, or research more into it, contact the Bumblebee Branding Company in Chennai, India.
