Did you know that your brand is your greatest asset? It’s not just your name or your logo, but how you interact with the world. The best thing you can do for your brand is to create strategic marketing campaigns to grow it; conducting a brand audit is just one part of the process.
The brand audit process will help you stay agile as it’ll give you a health check of your business. It’ll help you determine what position your business holds in the market, realize the expectations of your customers, and realize what sentiments your business generates from consumers. There are so many positives of conducting a brand audit, and in this post, we’ll help you understand its purpose and how it’ll benefit your company.
What Is a Brand Audit?
A brand audit is a process by which you examine your company’s position in the market, assess the effectiveness of your business strategy, and compare it to your competitors. It’s a process by which you examine the business’s strengths and weaknesses. The audit results will disclose how your customers feel about your business, how the company compares to competitors, and how well the business is performing in the industry.
The way in which consumers view your business is a key factor that sets you apart from your competition. You see, their perception is not only tied directly to your products or services but to the knowledge of various business practices that make your brand seem trustworthy and worth purchasing from.
It’s the perception that makes you memorable and keeps your customers coming back. It’s the perception that influences the way consumers interact with your brand, and it has a significant impact on the future growth and success of your business.
The Importance of a Brand Audit
Everything a business does affects brand perception because it all comes back to how your customers, as well as your employees, think about your brand. Everything from your actions, interactions, features, color choices, sales processes, marketing, and even text snippets from the idea of your business.
It’s critical for you to know what perception consumers have of your business. It’s necessary because it’ll help you build a strong brand that will be stronger to withstand crisis and increase revenue.
Once you establish your position in the market, you will spend less money attracting new customers because the rate of your returning customers will be very high. Here are some more reasons why you need a brand audit.
It’ll Help You Improve Customer Experience
One of the most significant benefits of brand auditing is that it will help you assess and improve customer experience. The best way for you to improve customer experience is by understanding both the positive and negative aspects of your brand.
This will ultimately increase brand loyalty because you will learn how your customers differentiate your brand from your competition and what their attitudes are towards your services. You will gain actionable insights about customer behavior and brand positioning, which will help you identify potential growth and growth opportunities.
It’ll Help You Identify Your Weaknesses and New Growth Opportunities
Once you fully understand your brand’s perception, you will have the means to get your limitation with the current approach. This will help you identify all your weaknesses when it comes to marketing, customer services, and communication. Additionally, it’ll help you identify new growth opportunities because you will realize your full potential once you have a full picture of your position in the market and your customer behavior.
How Do You Perform a Brand Audit?
The first thing you have to decide is whether you want an internal or an external brand audit. You can also do both because integrating them will give you an extensive view of your brand. Here’s a step-by-step guide on how to go about it.
Start by Creating a Framework
The first crucial aspect of brand auditing is understanding which aspects you will cover. Are you interested in how your competitors are doing? How your company is performing compared to your overall goals?
Write everything you want to do down so you can get an overview of your current situation and what you want to achieve. You also need to describe how you intend to solve the problems that could arise.
Examine Your Web Analytics
It’s incredibly important for you to examine your business website analytics, starting with the source of your traffic. If you realize that most of the traffic is not coming from your target market, then it’s important for you to change your marketing strategy. You should also take note of your bounce rate and conversion rate, then analyze every channel that drives traffic to your website.
Talk To Customers
During a brand audit, talking to your customers is one of the most vital aspects as they happen to be a gold mine of knowledge. No one knows the negatives and positives of your business, products, or services better than your customers.
There are many ways for you to achieve this goal, such as conducting polls, online surveys, or questionnaires through email. This information will give you data on their satisfaction rates, customer experience, and overall why they choose your brand.
Check Your Sales and Social Data
It’s crucial to analyze your customers’ sales funnels. It’ll help you understand what areas discourage them from doing business with your brand. Once you discover these pain points, you’ll have a better opportunity of solving the issues and attracting customers to your brand.
Your social data is just as important because you’ll get direct customer insights about your brand. There are also tons of tools available online that will help you collect data.
Top Benefits of a Brand Audit
As you can see, there are many benefits to conducting a brand audit. With all the information you collect, you’ll be in a better position to make changes that will help you grow your business.
Talking about growing your brand, Splash Factory helps e-Commerce businesses grow their businesses. We do advertising and marketing and will assist your business with brand auditing. Schedule a call with us today to learn about our services and how we may be able to help grow your business!