Let’s face it; sometimes, your brand might stutter a little and hit a rough patch or steadily drop, resulting in loss of sales due to lost customer appeal. Brands can be healthy or unhealthy. As a result, it is essential to perform a brand audit to help you monitor and manage your brand’s health.
Signs of a brand in declining health can be an early indicator giving you a chance to fix the oncoming problem before it becomes difficult to repair or worse. Below are some of the crucial signs to help you assess your brand’s health and how to remedy it.
- Your business is steadily growing or declining and losing relevance.
A business with a solid and creative brand strategy supported by consistent execution will have healthy growth each year. A well-developed and executed brand strategy stands out in a competitive market because it gives the business clarity, focus, and a competitive edge. In addition, the brand’s appeal in the market enables a brand to perform better to generate sales both in the short term and long term.
However, for some businesses, instead of healthy growth, the company sees a steady decline and loss of relevance in the market. The main reason for this shortfall is because the brand strategy is not well developed to support and provide the direction needed in the market. If your business results are on the decline, it may be an excellent time to hire a creative branding agency to re-evaluate your brand strategy using a brand audit.
- Your marketplace is becoming more crowded.
Suppose the brand positioning is strong and the pricing is beautiful to the target audience, but your business performance is in reverse. In that case, it can often be because the competitive landscape has changed. For example, maybe a competition has rebranded to attract more customers in your existing customer base, or more brands have moved into the same market.
A strong brand allows your products to command a premium price. Remember, 60% of branding is about perception, and the remaining 40% is about the actual product or service. A healthy brand will enable you to build a strong and recognized presence in the competitive market. It is essential to build a community of loyal customers and maintain a strong relationship with your suppliers and other stakeholders to fend off competitors. A strong brand will help build better relationships with partners, suppliers, and customers.
- Did you change your business model or strategy?
A brand may be vital in certain areas and weak in others. But when it tries to strengthen the weak areas by targeting a different audience, switching up pricing, or launching a new line of products that do not match its identity, strategy, or architecture, the brand will struggle to maintain its relevance.
It mainly happens when a brand audit was not conducted to evaluate the target audience, brand strategy, and expandability. It is essential to perform a brand audit to re-evaluate the effective brand strategy,
If your brand strategy is attractive, well thought out, and executed, it will attract more customers and stakeholders. However, a good brand strategy must be unique and have compelling elements to the target audience with an embracing glow. If you notice any of the signs mentioned above, it is essential to have a creative branding agency perform a brand audit and help redefine your brand strategy.