15 Reasons Why You Need a Brand Audit to Increase Your Revenue
Posted by Lorraine Carter on September 29 2011 @ 10:15
Fact: Strong brands make more money, are more profitable and increase company value. They enable you to command a premium, ensure customer preference in buying decisions and build customer loyalty which reduces cost of sales and fends off competition.
If your profits are falling and sales are not performing a "Brand Audit" will help give you insights into your brand's impact and performance in the marketplace and, most importantly, why it's not delivering.
Fact: All brands, global or national or regional, need a health check. Brands are like living entities with life cycles. They start with much excitement and promise, grow and then eventually plateau.
It's at this mature stage of evolvement, when they potentially start to loose relevance as the market evolves and customers move on to the latest hot new thing, that you need to conduct a Brand Audit.
A Brand Audit helps you monitor this cycle so you keep your brand fresh and relevant and know when to reinvigorate or revitalise before sales start to slip.
Need some more reasons to use a Brand Audit to increase your bottom line ? Here's 15 more to chew on . . .
1. Use it to grow your bottom line, your money's in your brand.
N.B.: Products can be copied, brands can't.
2. Get clarity with your marketing activities and step up a gear.
3. Know what your core customers think of your brand NOW and re-evaluate.
4. Create sharp focus in your bullseye customers mind.
5. Revitalise with multi-channel emotional connections with your customers.
6. Re-energise what your brand stands for and make it hit home.
7. Leverage it to be seen as an innovative trail blazer and increase your visability.
8. Get distinct and memorable competitive advantage.
9. Attract and develop more effective raving brand advocates.
10. Enhance your brand credibility and generate more buzz.
11. Differentiate your brand more strongly to become a money making magnet.
12. Enhance your internal sense of proud brand ownership with both the board and employees. It massively impacts on how everybody engages and interacts with the brand and your customers.
13. Leverage growth by using external professional validation.
14. Discover new ideas, insights, tactics and strategies for your brand.
15. Get an outside experts point of view. You are too close to your brand and invariably can't see your own brand shortcomings to address the problems objectively.
These are just some reasons to engage in a Brand Audit. Do you really know how your brand is performing and where it could be improved ?
Is it coasting along but in need of re-evaluation before the competition catches up ? Or is it disconnected, out of touch, caught up in price discounting and endless promotions with a shrinking market and failing sales that will ultimately put you out of business ?
Now is the time for an audit to reinvigorate your brand to stay on top or, more critically, provide a life saver to identify and address the problem areas so you can turn things around and grow your bottom line.
To find out more about what's involved in our proprietary brand audit process, and how you can use our Persona Brand Audit to greatly increase your performance, drop us a line or give us call today.
We're here to help you address your brand challenges and support you in growing your business/brand.
T: +353 1 8322724