It takes a lot of blood, sweat and tears to have a reputable brand name. There are many different factors that influence a brand’s success or failure. Be aware that Brand Management is a 24/7 activity, lagging behind for one second can lead to disaster. To be sure your brand is prospering brand audits are done on a regular basis. The brand needs to understand how their customers interact with the brand. This relationship is the most important topic for any marketer.
We all know the saying, “the customer is always right”; this is especially true when it comes to brand equity. The customer is your decision maker; they alone can either make or break you. Every decision made has to have their best interests in mind. The goal is to increase brand loyalty which will lead to greater reputation and more usage of the product/service. Once your brand has a solid following the release of new products or line extensions will be even easier for you because you already have developed the trust factor with the customer.
The first part of the brand audit should involve your brand’s awareness. You want to analyze how easy it is for customers to recognize your brand. The more reputable brands have great customer recognition. The next factor to consider is the performance of your brand, does it deliver the proper value to the customer. Essentially, is the customer satisfied with your product or service for the amount they paid.
Brands that can make customers flashback to certain positive memories already have their foot in the door. Remember that certain childhood snack you loved, or the smell of the detergent your mother used on your clothes. Products that create a sense of nostalgia often become favorable to customers.
When you are done with your audit you want to be sure your analysis answers what the likes and dislikes are for your product, from a customer perspective. You want to figure out what is your competitive advantage, what makes your product stand out from the rest. Narrowing down your target demographic is crucial because you need to know when, where, how, and why they are using your product or service. Only after completing a thorough brand audit can you really continue with your marketing efforts and expansion of your company.
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