A strong brand can inspire, captivate and
engage your audience and consequently
help you make more money. However,
even strong brands need an audit, or a
reality check, to keep them on track.
Does your small business need a Brand Audit ?
Is your business experiencing difficulties lately? Are you losing marketshare to your competitors? Are you experiencing a dip in sales and revenue? If so, a brand audit of your business will help you uncover for the cause of these issues.
Today’s business world is ultra competitive. To survive you must stand out from your rivals. Ultimately it’s your brand story that helps differentiate your business from others. Make sure you understand exactly how your brand is perceived in the marketplace.
The purpose of a brand audit
A comprehensive brand audit will often reveal new ways to make your brand relative to both existing and a new generation of target customers to ensure a long term future for your brand. A brand audit is an in-depth examination of your brand’s current position in the market compared to your competitors. It helps to identify both the company and the customer viewpoint in terms of:
- The strengths and weaknesses of your small business
- The value of your brand
- Awareness of your brand in the market
- Perception, image, reputation and attitude towards you brand
- Pinpointing any weak spots
- External threats
- New trends and growth opportunities for your brand
- Effectiveness of your brand management efforts
A strong, consistent brand means you’ll spend less money attracting new customers, your current customers will be more loyal, and you’ll be able to charge a premium price for your goods and services. A robust brand also encourages referrals, both online and through word-of-mouth – a critical part of your brand’s profitability.
Mystique can help you facilitate a competitive brand audit by examining the following five areas:
- Identify Competitors and Similar Brands
- Experience the Competition
- Analyze Brand Language
- Analyze Visual Identity
- Determine Positioning
Trying to position a brand in a highly competitive landscape is an intimidating proposition. You don’t need to do it alone. Let Mystique empower you to spot opportunities and position your brand accordingly to give you a competitive advantage.