Brand Audit--Do You Pass The Test?
Branding is one of the keystones to a good marketing strategy. There are so many benefits to building a brand. Strong brands can charge premium prices. Strong brands build company value. Strong brands are more profitable (An EquiTrend study showed that businesses with gains in brand equity see gains in ROI, while those with losses in brand equity see losses in ROI). Strong brands build customer loyalty and therefore reduce cost of sales (It's less expensive, and more effective, to sell to current customers than new prospects).
Perhaps more importantly in the short run, strong brands command customer preference in buying decisions. Take Coca Cola for example. In brand taste tests vs. blind test tastes with Pepsi Cola, research has shown knowing which brand the customers were tasting dramatically increased their preference. Sure, you may not be Coca Cola (in size or consumer focus), but the relevance remains the same—brand matters when customers buy.
How strong is your brand? Do you pass the test? Here are seven key questions to ask yourself in an audit of your brand:
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Does your 25, 50, and 100 word descriptions clearly define WHO you are, WHAT you do, WHO you do it for, & WHY they buy from you? Your company messaging needs to be tight, clear, and compelling—but it must be CLEAR before CUTE! Remove the jargon and self-serving phrases (i.e. "leading provider of"). See Messaging: How to Tell the Story of Your Business! for more advice.
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Has it been tested by a small sampling of customers? Perception is your reality (whether you like it or not). Make sure you find out how your customers really see you and what they really value. See The Law of Brand Surveys: Because their perception is Your reality...for more advice.
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Is your brand promise: a) accurate (do you truly deliver this promise in EVERY interaction and business decision you make?); b) relevant (have your customers confirmed this is THE reason they buy from you); c) tangibly and consistently delivered (can you identify at least 5 TANGIBLE things you do to deliver this promise consistently?)
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Is your brand promise unique to you (no other competitor can make the same claim?). If your brand strategy looks like your competitors it isn't working for you. Make sure your brand focuses on your uniqueness, not the me-too features you may also possess.
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Have you defined your brand personality with no more than FIVE traits? Do these five traits together define your uniqueness in the market?
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Do all your communication vehicles consistently present your brand elements and brand personality (logo, tagline, fonts, imagery, etc.)? Repetition is key to the success of the branding process. See Successful Branding: Five Key Elements and One Mantra for more advice.
The most important thing to consider as you audit your brand with the above list of questions is to GET REAL! Put your ego aside. Put your ambitions aside. And, be as honest and factual with the audit as you can be. This is the only way you can truly identify your brand strategy weaknesses and fix them.
Download our template for a more complete Marketing Plan Audit.
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The Sales and Marketing Toolkits BUNDLED contains:
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Over 60 sales and marketing templates (DOC, XLS, PPT, and PDFs)
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Loads of "how-to" articles and examples
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