You’ve looked at the numbers for this year and notice they’ve dipped—a lot. Before you panic, understand that this probably the best time to conduct a brand audit.

Why? It’s a chance to check on the health of your brand and turn around those numbers around. This type of audit reduces the brand to its basics and gives an objective view of its strengths and weaknesses.

Brand audits also show where you currently stand in the industry. It’s an in-depth, holistic view of what your business symbolizes.

You’ll even think about the brand on a deeper level beyond its visual elements.

So what does it entail? Let’s dig in and see what makes a good brand audit.

What Questions Do a Brand Audits Answer?

Since it’s a complete inventory and examination of your brand, we’ll say all of them.

Brand audits reveal how consumers and peers see your business.

Since nothing’s left on the table, everything from consumer perceptions to brand identity are put under the microscope.

And the benefits are enormous. It’s an opportunity to evolve your business and elevate the customer’s experience.

During a brand audit, you’ll discover the answers to these questions:

• – Does my current brand’s messaging align with my product or service?
• – How are customers relating to the brand?
• – Is the brand still relevant to our target market and the industry at large?
• – What are weak points in the company’s positioning?
• – Are there new competitive differentiators or advantages we can uncover?
• – Can the business develop new strategies and capitalize on new technologies?
• – Is my brand aging well, or does it need an overhaul?

As the audit progresses, the answers to these questions become crystal clear. They’ll also provide guidance in creating new strategies and tactics to reinvigorate the brand.

Is There a ‘Right Time’ to Do a Brand Audit?

Why, yes there is. Moments of transition (i.e., before a company rebrand) is an ideal time for a brand audit.

Why? It’s easier to focus on the brand’s elements and look at it without bias.

You aren’t bogged down with what it currently is because you’re already in a period of change.

But rebrands aren’t the only instance where you’ll consider an audit.

It also makes sense to go through with one when:

• – Internal communications within your company have become disjointed
• – Customers are confused about your new offerings and services
• – You want to expand the brand into new markets
• – There is a noticeable loss of market share in your industry
• – You find it challenging to keep up with changing demographics and trends

Stay in tune with what is going on with your brand and address problems before they cascade into major issues for your business.

While the brand isn’t a living entity, you would want to treat it as if it were one. You’ll have to give it what it needs to continue growing.

Which Elements Do Brand Audits Focus On?

To put it simply—everything. Both the internal (inner workings of the business) and external (what the world sees) components of the brand are all reviewed.

It’s important to concentrate on removing any personal attachment to the brand. Yes, it’s hard to let go. Especially, when you’re so deeply involved in the business.

If it’s too difficult to stay objective, you can bring in an outside resource who can complete a thorough brand evaluation.

The list below isn’t comprehensive. However, it shows the most common elements reviewed during a brand analysis.

Internal
Company Messaging
Strengths and weaknesses of product/service
Competitive positioning
Brand values and mission statement
Brand promise or Unique Selling Proposition (USP)
Sales and Customer Service Protocols
Internal Management Operations
Employee Recruiting Procedures
Marketing and Website Analytics

External
Brand Identity
Marketing Materials
Company Website
Social Media Profiles
Online and promotional videos
Content Marketing (Online and Offline)
News/PR
Customer Testimonials/Surveys

After reviewing each of the elements as it relates to the whole brand, you’ll see where it makes sense to put in more or less effort.

You may even decide to scrap certain elements of it and start anew.

Is Your Current Brand Costing You Business?

We won’t dive into the financial details of reviewing YTD sales or business valuation as it relates to branding.

Instead, we’re going to ask a few questions. These are thought-starters that can reveal vulnerabilities and warning signs for your business.

• – Are you losing a certain number of customers per month to a competitor? If so, how many?
• – Is your sales team having a harder time communicating the value of your products or services? What does this look like in [yearly, quarterly, monthly] sales?
• – Could your business recover lost customers or gain new ones based on the suggestions shown as a result of the brand audit? Are there cost-effective ways to bring these customers back into the fold?

Your answers to these questions move you a step closer in fixing issues with your current brand.

Noticing the correlation between the financial and business aspects of your brand makes the relationship all the more real. One is affected by the other and both impact the brand.

Conclusion

Customers and trends are always changing. Technology is evolving, and your business needs to advance with it.

The brand needs to remain relevant and viable through all of this. And brand audits are an incredible tool to help you do it. They expose the positives and negatives of your positioning in the market.

These valuable insights can be used to strengthen your brand.

Is this a one-time deal? Let’s hope not. You’ll need to revisit your brand’s health many times throughout its existence.

If you need help figuring out whether your brand needs an audit, contact us to talk about it.