Auditing is a lot more of any accounting term. It is assigned to review, check, inspection, appraisal and assessment. Over time every profession adopts this term to examine efficiency or otherwise of their systems, professionals. It is actually common now to hear personnel audit, store audit etc. As brand begins to grow, it will likely be needful to conduct Brand strategy consultants. Brand audits enables you to understand the present brand value. Brand value is the financial brand status with regards to the net present worth of financial benefit derived from the manufacturer. Brand audit helps to know when to get building the emblem so when to evaluate the impact from 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 idea of brand equity.
I love another online view that states that ‘A brand assessment supplies a breakdown of an organization’s brand 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 bring about recommendations to boost 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 if these situations apply, there may be an urgent need. One, when there seems to be a change in focus from the brand. This may be attributed to factors not initially brandaud1t for. Two, should there be growth. As being a start-up, the company may 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 is need to discover the brand’s blood pressure level. Another worthwhile reason to conduct brand audit is when the brand is expanding its scope across territorial reach.
Every time a thorough brand assessment is usually to be conducted, the manufacturer may require the guidance of any external consultant. It will help to remove personal, in-house prejudices in the result. Whichever model the manufacturer wishes to adopt-in-house or external consultancy, the following areas must be covered by a sustainable brand audit. How may be the strategy doing? The marketing approach, external stockholder’s perception, communication procedure regarding their effectiveness, employee ability to deliver process as well as to represent the company among other factors should be given priority.