Is it Time for a Brand Audit?
As the economy starts to perk up, more visibly in Houston then in other parts of the country, it may be time to measure your customers’ perception of your company.
Most companies will know whether they’ve gained or lost market share. But do you know if you’ve lost “mindshare?”
Knowing where you’re positioned in the marketplace relative to the economic recovery is critical to determining how to shift a brand or if any change is needed at all. This is where a brand audit can help.
A brand audit is a holistic way of looking at your business and how your company’s value proposition matches the way it interacts with the rest of the world.
Essentially, brand audits are designed to sort out perceptions about what your company stands for from both internal (your employees) and external customers. Often, the company President or head of HR is too close to the situation to remain objective, so it’s wise to consider an unbiased third party. (hint.hint.)
Mark Healy, partner at Satov Consultants, identifies 4 key components of a basic brand audit:
- Know what’s included in the scope and what’s going to be left out.
- Design study areas and questions that will yield results (data).
- Decide who conducts the interviews and get going.
- Analyze results. Are there themes or gaps?
The fifth step (which is ours) is to assess your company’s brand strengths and weaknesses accurately from the data gathered and apply that knowledge consistently across every communication touch point. Your brand audit is only as good as the strategic thinking behind it.