Today, more than ever, telling your story is essential. However, to do so correctly and effectively, you must first analyze whether the public already knows a story about your organization, product, or service—and, more importantly, what that story is. Additionally, you must ensure that your narrative is both coherent and relevant.
The brand audit activity, which includes analyzing an existing brand and identifying optimization solutions, applies only to established brands. For new brands, the brand strategy is built from the ground up.
Before discussing a brand audit, it is essential to define the concepts of brand and brand equity
The brand refers to the unique set of elements that make a product, company, organization, or person recognizable and distinct from the competition. A brand has two dimensions: one generated by characteristics (what it is, how it is defined) and another generated by the way they are perceived by the public (how it is perceived).
A brand means money – a measurable power to drive sales.
Brand equity – refers to the positive influence a brand has on sales. It is also defined as the price difference paid for a well-known product compared to a lesser-known one.
Brands today are worth billions of euros. Interbrand produces an annual ranking of brands, evaluating their value according to its own proprietary system. In 2018, Apple surpassed 200 billion dollars, and this is the exclusive value of the brand. Mor einsormation 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 that generates it (organization, person, product, etc.), designed to show how the brand is performing and to what extent it helps in achieving objectives.
At Toud, we aim through the brand audit process to evaluate the elements that define the brand, to bring the brand closer to the audience’s expectations, to discover the brand’s strengths and weaknesses, and to evaluate the market position and the competition.
Strong brands generate more money, attract a larger audience, and have higher retention. By having a strong brand, you will spend less to attract an audience, to create retention, and to sell. A strong brand means higher interaction in social media with less effort and an amplification of recommendations.
It is necessary at certain intervals, depending on the size of the organization, to perform this brand check, to see to what extent it helps in achieving objectives and how it can be optimized.
The brand exists exclusively in the mind of the public; it cannot be modified directly, but only indirectly.
Corporate brand audit
This process differs depending on the organization, the market in which it exists, and its 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, and elements of differentiation).
We analyze your organization’s brand and tell you what isn’t working, why it isn’t working, and what should be changed.
We propose solutions for all identified needs across every sphere where the brand is present. The purpose of an audit is to identify problems (if they exist) and to propose reliable paths for adjustment. It also aims to identify development potential and show how to achieve it.
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 provide solutions.
Every project is unique; every project requires a different approach and an analysis of a certain complexity. At Toud, it is very simple to find out how much it costs. Fill out the form on the contact page and we will contact you; we will make sure we understand your specific need and create a proposal for action for which we will estimate a cost. This does not involve any commitment on your part, and this way, we manage to create a transparent cost projection and set expectations.
We view every project as a genuine opportunity to generate authentic value for both the company and the community surrounding it.
Brand auditing as a core component of these projects
We have built a resource library designed to bring more clarity to the fields of brand strategy and brand auditing.
Hubspot solution provider Toud, Romania
