Today, more than ever, it is important to tell your story, but to do it correctly and efficiently, you must analyze if the public already knows a story about you and, above all, what that story is. In addition, you must make sure that you say it coherently and that your story is relevant. That’s what you do with a brand audit.
The brand audit activity, which includes the analysis of the existing brand and the identification of solutions through which it can be optimized, applies only to existing brands. For new brands, the brand strategy is made from scratch.
Before talking about a brand audit, it is important to point out the concepts of brand and brand equity.
Brand – refers to a set of elements that make a product, a company, an organization, a person, etc. to be recognizable and different. A brand has two dimensions, one generated by its characteristics (what it actually is) and another generated by the way they are perceived by the public (how it is perceived).
A brand means money – a measurable power to promote sales.
Brand equity – refers to the positive influence that a brand has on sale. It is also defined as the price difference paid for a well-known product compared to a less well-known one.
Brands are worth billions of euros today. Interbrand makes an annual top of the brands, evaluating their value according to its own system. In 2018, Apple exceeded 200 billion dollars, and this is the exclusive value of the brand. More information here – https://www.interbrand.com/best-brands/best-global-brands/2018/ranking/ .
The brand audit process is a detailed analysis of the brand, but also of the entity it defines (organization, person, product, etc.) intended to show how the brand performs, and to what extent it helps to achieve the objectives.
At Toud, we propose through the brand audit process to evaluate the elements that define the brand, to bring the brand closer to the public’s expectations, to discover the strong and weak points of the brand, and to evaluate the position in the market, and the competition.
Strong brands generate more money, attract more audiences, and have higher retention. Having a strong brand, you will spend less to attract the public, create retention, and sell. A strong brand means greater interaction in social media with less effort and amplification of recommendations.
Depending on the size of the organization, it is necessary that at certain periods of time, you do this check of the brand, to see to what extent it helps to achieve the objectives and how it can be optimized. The brand exists exclusively in the mind of the public, it cannot be changed directly but only indirectly.
At Toud we have our own procedure for creating a brand audit. This procedure covers several elements, below we explain each point.
Organization brand audit
This process differs depending on the organization, the market in which it exists, and the needs.
Point 1 is of major importance. In this stage, we evaluate a series of brand elements (brand promise, brand essence, brand values, brand purpose, brand mission and vision, brand personality, positioning, differentiating elements).
We analyze your organization’s brand and tell you what is not working, why, and what should be changed.
We propose solutions for all identified needs from all the spheres in which the brand is present. The purpose of an audit is to identify problems (if they exist) and to propose some safe ways of adjustment. Also, to identify development potential and show how it can be achieved.
Toud offers the audit service together with the brand strategy service. In phase 1 we will analyze the situation, and in phase 2 we will bring solutions.
Each project is unique, each project requires a different approach and an analysis of a certain complexity. At Toud it is very easy to find out how much it costs. Fill out the form on the contact page, and we will contact you, make sure we understand the need you have, and make an action proposal for which we estimate a cost. This does not imply any commitment on your part, and in this way, we manage to make a transparent projection of costs and set expectations.
