Auditing is more of an accounting term. It is associated to review, check, inspection, appraisal and assessment. With time every profession adopts this term to check efficiency or else in their systems, professionals. It is common now to hear personnel audit, store audit etc. As brand actually starts to grow, it will probably be needful to conduct Brand audit consulting. Brand audits helps to understand the present brand value. Brand value is definitely the financial brand status in terms of the net present price of financial benefit produced by the company. Brand audit really helps to know when to get building the brand and once to evaluate the impact in the brand investment. Brand audits also aid to check brand awareness, brand knowledge as well as visibility and perception. Along with the above brand audit will aid proper knowledge of brand equity.
I really like another online view that states that ‘A brand assessment gives a breakdown of an organization’s logo and its brand management and marketing effectiveness. It assesses a brand’s strengths, weaknesses, opportunities, and threats. It identifies brand development opportunities including those achieved by brand repositioning and brand extension. The audit should result in recommendations to further improve brand equity, brand positioning, and brand management and marketing effectiveness’. Someone may ask when should brand assessment be conducted?. I am from the opinion that whenever the following situations apply, there could be an urgent need. One, when there seems to be a shift in focus of the brand. This can be related to factors not initially brandaud1t for. Two, if you have growth. As being a start up, the company could possibly have about twenty staff, with annual budget of two million, when these number increase and also the brand is performing business running to multimillions which require thousands of hands, there exists need to discover the brand’s blood pressure levels. Another worthwhile reason to conduct brand audit occurs when the emblem is expanding its scope across territorial reach.
When a thorough brand assessment is going to be conducted, the emblem may need the guidance of your external consultant. This assists to remove personal, in-house prejudices from the result. Whichever model the company wishes to adopt-in-house or external consultancy, the following areas should be covered by a sustainable brand audit. How is the strategy doing? The marketing approach, external stockholder’s perception, communication procedure regarding their effectiveness, employee capability to deliver process and also to represent the manufacturer among other factors should be given priority.