The biggest benefit of a brand audit is that it allows you to understand how your customers view and interact with your business. You might think you should sit back and enjoy your performance, but you need to stop assuming that things are going well. Instead, confirm and find out using a brand audit. Read this post to understand five key benefits that a brand audit will bring you right now.
1. Measure overall market performance
Get an overall understanding of how your brand is viewed within the industry. With a brand audit’s combination of analyzing your internal branding, external branding, and customer journey, you understand how you stand in terms of revenue. More importantly, you get an honest, unfiltered, third-person perception of your brand (mainly from the external auditor in charge).
2. Highlight critical strengths and weaknesses
A brand audit is comparable to an extensive SWOT analysis. The audit will highlight key areas of your marketing that are performing well, and some that need more attention, a fresh approach, or new ideas from you. It will also point out your weaknesses including inconsistencies and how you improve on them. Pain points that could damage your sales, website traffic, conversion rate, email open rate, and more.
3. Identify your competitive ranking
Your brand audit lets you know if you are doing as well as your competitors. Through the results, you get to understand what they are up to – are they launching new products, services or verticals? Are they targeting new markets and countries? Have they pioneered new processes, approaches, or technologies in your field? You need to make sure you catch up to them and are not left in the dust.
4. Define marketing collaterals
If your audit lets you know that you need a brand refresh or a rebrand, you can now sort the necessary marketing collaterals from the ineffective ones. You can identify what marketing material has worked for you in the past, and what you need to achieve for the goals you have planned. You can scrap the ones that have not worked for you – do not put your money where you are not sure.
5. Follow a clear future direction
To move forward, you first have to know exactly where you are. That is why it is helpful to have this informed and independent view of your brand. You can now go in the direction you want, knowing which moves to make.
The Next Steps
For more information on brand audits and how they will be helpful to your business, you can contact the Bumblebee Branding Company to get started.