One of the most valuable assets in any business is its brand.
A brand isn’t just your logo, rather it is everything about your business – your values, how you deal with customers, your premises and so on.
Think about a company like Apple, their brand isn’t just the instantly recognisable logo but it is everything about the business – the Apple experience. The same goes for McDonald’s.
Your brand is:
- The impression your business has on your customers – every business has a unique impression.
- How your customers feel about you.
- How your company looks to your customers and the public in general
- What is special about the way you deliver your products
- Your attitude to your customers and the wider community.
- The way you promote and advertise yourself.
And yes, importantly, it includes your business’s name and logo.
Knowing what your brand is, is important, it allows you to exploit your business’s strengths and recognise and overcome any weaknesses.
Successful, growing businesses know what their brand is and what its values are.
They manage their brand. The first step in doing this is to conduct a brand audit.
A brand audit analyses:
1. An organisation’s brand.
2. Its brand management and marketing effectiveness.
3. It also assesses a brand’s strengths, weaknesses, opportunities, and threats.
4. It assists in identifying growth opportunities including those achieved by brand repositioning and brand extension.
A brand audit should result in improvement brand equity, brand positioning, and brand management and marketing effectiveness
A brand audit will tell you:
1. The strength of your brand.
2. What is good about it.
3. Where it works.
4. How well your customers can recall it.
5. Uncover weaknesses and inconsistencies.
6. Show you where there are opportunities for improvement.
It is most important to compare your perception against that of your customers and this is usually done via a questionnaire given to a cross section of your customers.
To put it simply you might think that your brand is “X” while the majority of them think that it is “Y”. Likewise you might think that the most important thing to them is “A” but your customers think that it is “B”.
Remember knowledge is power and forewarned is forearmed.
A properly completed brand audit will provide you with information to grow your business in a manner which builds on your strengths, recognises and takes action to remedy any weaknesses and to ensure that what you are doing matches and meets customer expectations.
Importantly where there is a disconnect between your perception and your customer’s response you can ascertain what is the reason for the variance and take action to bring them into alignment.
At iNet we have the expertise and experience to assist our clients to extract the maximum value from their brand through our independent brand audit.
We conduct the entire process and provide you with a written report and recommendations. We can then assist with implementation.
If you would like to have a discussion or have any questions relating to any aspect of branding please call us on 02 9547 2005.