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Brand Audit (1).pdf
- 1. BRAND AMPLITUDE, LLC AUGUST 2015 CONSUMER INSIGHTS FOR SUSTAINING BRAND RELEVANCE Copyright © 2015 Brand Amplitude LLC All Rights Reserved – May Not Be Reproduced Without Permission HOW TO CONDUCT A BRAND AUDIT Carol Phillips & Judy Hopelain August 2015
- 2. BRAND AMPLITUDE, LLC AUGUST 2015 CONTENTS § What is a Brand Audit? § Helpful Frameworks § How to Apply the Frameworks § Examples 1
- 3. BRAND AMPLITUDE, LLC AUGUST 2015 WHAT IS A BRAND AUDIT? 2 § A Brand Audit describes and evaluates the current state of a brand and its effecQveness in achieving a company’s business objecQves § This assessment is the first step in brand strategy development. Note: While we refer to company throughout, the process works equally well for other types of organizations and brands.
- 4. BRAND AMPLITUDE, LLC AUGUST 2015 WHY CONDUCT A BRAND AUDIT? 3 “A brand audit requires understanding the sources of brand equity from the perspective of both the firm and the consumer. From the perspective of the firm, what products and services are currently being offered to consumers and how are they being marketed and branded? From the perspective of the consumer, what deeply held perceptions and beliefs create the true meaning of brands and products?” – Kevin Keller, Strategic Brand Management § A Brand Audit reveals a brand’s true posiQon and meaning to its stakeholders.
- 5. BRAND AMPLITUDE, LLC AUGUST 2015 HOW AUDITS ARE USED § Assess how well the brand delivers against company objecQves § IdenQfy customer wants, needs, and trends at the category level § Inventory and categorize brand porYolio elements and assets (trademarks, sub-‐ brands, logos, taglines) § Evaluate the brand’s current image (how it is perceived by customers and other key stakeholders) § IdenQfy potenQal sources of differenQaQon, tablestakes, vulnerabiliQes 4 USED FOR: § Diagnosing brand strengths and idenQfying potenQal vulnerabiliQes or shortcomings. § Developing value proposiQon, idenQty and posiQoning. NOT USED FOR: § CompeQQve benchmarking § Brand tracking § Brand health assessment Brand Audits…
- 6. BRAND AMPLITUDE, LLC AUGUST 2015 BRAND AUDITS ORGANIZE INFORMATION n Brand audits take many forms – there is no single magic format. n Regardless of the form your audit takes, the perspecQve is always that of the company and how the brand supports its overall objecQves. n To complete a brand audit, you will need to first idenQfy your best informaQon sources. 1.5 5 n As with a SWOT analysis or financial audit, a brand audit organizes and disQlls criQcal company informaQon to make it easier to digest and recognize strategic implicaQons.
- 7. BRAND AMPLITUDE, LLC AUGUST 2015 TYPES OF INFORMATION REQUIRED § InformaQon for a brand audit o`en exists outside of markeQng, so be sure to ask your colleagues. 6 Corporate InformaAon • Company mission, vision and values statements • Financial performance and trends (e.g., revenue, profits, margins) • Customer service records • Patents and other intellectual property Industry InformaAon • Third party research about the compeQtors in your industry (e.g., financial analysts, syndicated market research, government agencies, industry associaQons) • Your company’s own research studies (e.g., tracking research, focus groups) MarkeAng InformaAon • Current and past adverQsing and promoQonal collateral for your brand and compeQtors (within and beyond your specific category) • Social media reports and conversaQon analyses
- 8. BRAND AMPLITUDE, LLC AUGUST 2015 § Once you have idenQfied the best informaQon sources, the next step is to organize the most relevant informaQon into four categories. GETTING STARTED 7 § Next, describe and evaluate the current state of the brand by idenQfying within each of the four informaQon categories: § The assets that can be leveraged § Any liabiliQes or issues that need to be addressed or miQgated
- 9. BRAND AMPLITUDE, LLC AUGUST 2015 8 IN OUTLINE FORM, YOUR AUDIT MIGHT LOOK LIKE THIS… YOU MIGHT WANT TO USE THE TEMPLATE THAT FOLLOWS TO PRESENT IT
- 10. BRAND AMPLITUDE, LLC AUGUST 2015 COMPANY ASSESSMENT § The company assessment focuses on the capabiliQes and competencies required to deliver what customers need and how you measure up. What do you do well? Where do you need to improve? § This assessment highlights your strengths and liabiliQes as an organizaQon, not as a brand. 9 How well does the brand support the long-term growth strategy of the business? How effectively does it leverage the organization’s competencies? Assets: Liabilities:
- 11. BRAND AMPLITUDE, LLC AUGUST 2015 CUSTOMER ASSESSMENT § The most important informaQon at this stage is understanding what drives customer choice at the category and brand levels. 10 How compelling and valuable is the brand to users? How well does it resonate with its target audience? Customer Assessment Segment 1 Segment 2 Demographic description (e.g., age, gender, education, income,) Relevant interests and psychographics Current customer needs (category decision drivers) Brand decision criteria and barriers Emerging customer needs (trends) § Aim to understand what customers are trying to accomplish in their lives. Look beyond the obvious funcQonal benefits to how they want to feel or be seen as a result of their choices.
- 12. BRAND AMPLITUDE, LLC AUGUST 2015 MARKET ASSESSMENT 11 Their Competitive Assets: Their Competitive Liabilities Competitive Assessment How unique is the brand relative to competitors? How well does the brand take market dynamics into account? § The compeQQve frame of reference may not be obvious. Think like a customer, what do they think are their alternaQves? § The compeQQve set may be direct, like other providers of the same product or service, or indirect, like a different category or doing nothing at all! Their Competitive Assets: Their Competitive Liabilities Their Competitive Assets: Their Competitive Liabilities
- 13. BRAND AMPLITUDE, LLC AUGUST 2015 BRAND IMAGE ASSESSMENT § This assessment focuses on how your brand is perceived by your customers, employees and other important stakeholder groups. § If you don’t have recent research or insights to inform this assessment, it’s a good idea to get them rather than assume you know. 12 Brand Assets: Brand Liabilities How in-sync are customer perceptions with company positioning?
- 14. BRAND AMPLITUDE, LLC AUGUST 2015 3-‐CIRCLE BRAND ASSESSMENT FRAMEWORK § All of this informaQon is summarized in the 3-‐Circle Assessment. This framework helps disQnguish what is disQncQve about your brand from what is shared. § It is a decepQvely simple and powerful way to organize a lot of disparate informaQon and make brand strategy implicaQons apparent. 13 Potential Differentiators Vulnerabilities Tablestakes Brand Strengths Competitor Strengths Shared traits that are important to customers, the “must haves” or “points of parity” Ideas or traits that are important to customers and unique to the brand Ideas that are unique to competitors and important to customers Customer Needs
- 15. BRAND AMPLITUDE, LLC AUGUST 2015 Potential Differentiators Our Vulnerabilities Tablestakes Points of Parity (Category Benefits) • • • • Consumer Wants & Needs • • • • • • • Competitive Brand Differences • • • • • • • Consumer Needs Brand Strengths Competitor Strengths Potential Brand Differences • • • • • • • AT THIS POINT YOUR AUDIT MIGHT LOOK LIKE THIS…. 14
- 16. BRAND AMPLITUDE, LLC AUGUST 2015 BRAND ASSET INVENTORY § The final step is to inventory the intellectual, verbal and visual assets of the brand. What are your strengths? What new assets should be developed? 15 Brand Asset Inventory Asset Description Assessment (Memorability, Relevance, Uniqueness) Logo/Trademarks, Patents & Protected Innovations or Features Core Competencies & Industry Distinctions Brand Perceptions/Associations Ongoing campaigns or campaign elements Testimonials/Cases Sponsorships/Partnerships/ Endorsements Characters, Slogans, Tagline
- 17. BRAND AMPLITUDE, LLC AUGUST 2015 KEY TAKEAWAYS n A brand audit organizes key informaQon to make strategic implicaQons about target segment needs, frame of reference, potenQal differenQators, vulnerabiliQes and points of parity clear. n Brand audits reflect the perspecQve of the company and its stakeholders. n Several frameworks are helpful in conducQng a brand audit n Customer Assessment n Brand Asset Inventory n 3-‐Circle Assessment 1.16 16