Brand Audit

Topics: Marketing, Brand, Branding Pages: 14 (4217 words) Published: August 10, 2013
Performing the Brand Audit
Martin Jelsema, Signature Strategies
Before you chart a course, it’s a good idea to know where you’re leaving from.The need to know where you are now is a major reason for performing a brand audit. In addition, many companies today actually value their brand(s) as a quantifiable asset. A brand audit is required in determining this value. The six areas described below are the major elements of an audit.All six need to be applied whether it’s a corporate (company) brand or a branded product or service. For strategic purposes, the same exact elements need to be applied to the four or five major competitors as well.As you determine the competitive practices, brand personalities, segments served, etc.,You will be better armed to determine precise and effective countermeasures, and chart courses that will outflank, or possibly evade competitive threats. The chart below visualizes the six major elements and their sub elements, and to some extent, the relationships between them.The narrative that follows defines each element and sub element, and to some extent, explains how their performance may be measured.

1

Profitability Market share Price premium Customer life value Life cycle

Awareness Recognition Relevance Preference Loyalty

Customer Budget service Organization

Policy Continuity Brand standards Brand education Mega brand

Impact

Image

Brand loyalty Name awareness Perceived quality Associations Other assets Brand

Brand Mgmt

Brand Structure

Brand families Brand extensions Nomenclature

equity

Internal
Mkt D Mkt B Mkt C

Internal Market Segments

Metrics

Competitive Brands
Personality

Your BRAND

Market Segments

Mkt A: Market Definition

Personality
First in category Heritage Product superiority Own an attribute Being the newest Market specialty

Size Location Maturity Buying practices Trends Customer profile

Differentiators
Price (?) Quality (?) Customer service (?) Breadth of line (?) Leadership

Positioning

Name Publicity Promotional materials Promotions

Elements

Logo Slogan Style

Competitive positions Positioning attributes Image perception

Advertising Character Packaging

Signa tureSTRATEGIES
Helping smaller companies profit from the power of branding

Metrics:

`

2

Two categories of metrics are explored in measuring the effectiveness of brands, Image and Impact. Together, they comprise the elements by which brand equity can be measured. Metrics are tied closely to Brand Management. They are the score cards of past performance and the indicators of future activity. Image Metrics: These are the measurements of a brand's ability to raise above the static of the marketplace and carve out a position in the collective minds of prospects and customers. It has to do with communication programs and the extent to which the product or service fulfills the promises of those programs. Awareness: Within each market segment, what percent of buying influences are even aware the product exists. Awareness is usually determined through unaided recall with a question like: “What products come to mind when I say (category)”. Recognition: Similar to awareness, recognition is usually determined through added recall, usually a list of products from which research respondents pick those they recognize. Relevance: This is a measure of the importance of the product or service to respondents' life style or work. In B-2-B environments, the relevance of both the product category and the product are important in determining the type and tenor of promotional programs. Also issues of price elasticity, distribution channels and sales approaches can be realistically developed once relevancy is determined. Preference: In research, asking a customer an open-ended question like “Which supplier's product do you prefer?” will suffice if the respondent doesn't know who is doing the research. Loyalty: Here we want to determine what activities...
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