The Covid-19 pandemic and the fear along with it, has impacted many business activities across the world today. However, brands can use this 'down-time' also to advantage. This may actually be the best time for brands to review their activities and strategies over the last year, refine their approach and get set to launch better and stronger as soon as business activities begin to gather steam again.
For instance, a brand audit (which is one of the services we deliver for clients here at Media Range) is one thing brand owners and managers can use this period to carry out. Are the elements of your brand optimized to give you a clear competitive advantage in your market? Are there changes you foresee in the post-Covid19 business environment which your brand is presently not positioned to respond appropriately to?
A brand audit as a component of the brand development and management process will enable you evaluate ad determine where you need a tweaking, where you need an overhaul, and where you are fine just the way you are.
Ideally, every brand should have two main parts: the personality (which is an aggregate of your core attributes, your story, your differentiators, your purpose and brand associations) and your visual identity (which comprises the graphic and visual elements) that serve as a visual trigger of recollection connecting your audience to the other parts of your brand earlier mentioned.
The overall objective of a brand development and management process is the creation and management of positive perceptions in the minds of your market that can be leveraged upon to give you a sustained competitive advantage in the market.
There are four items a brand audit checks irrespective of industry:
First of all, it establishes the performance of your brand (how active your brand is in response or in service to your customers or audience).
Secondly, it helps the brand to understand its strengths and weaknesses (Knowing where it has advantage over others and where it is disadvantaged)
Thirdly, it checks if the brand's strategies are aligned with the expectations of its customers and audience.
Finally, it helps the brand to understand the brand's place in the market in comparison with competitors.
Carrying out an audit that examines all of these can help your brand to strategize on how to come back stronger and even better after the pandemic subsides.
You can fill out the survey here containing a brand audit checklist that addresses most of the objectives of a brand audit.
You can let us know what your findings were.
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