Have you audited your brand lately?

As a business leader, you regularly review the financial performance and health of your company. You keep a close eye on cash flow, revenue, and costs. But when was the last time you looked that closely at your brand? 

A brand audit can help small and mid-size businesses assess the strengths, weaknesses, and overall health of one of their company’s most valuable assets: their brand. Conducting a brand audit can help you better understand your brand’s market position and how you can strengthen it to drive future growth. 

However, before diving deeper into what a brand audit is and how to approach one, let’s first clarify the meaning of “brand.” 

What is a brand? 

One of my favorite definitions of brand comes from my mentor, Janet Kyle Altman, chief marketing officer at CPA and advisory firm Kaufman Rossin. Altman says, “Your brand is what people think and feel about you, based on what you show and tell them.” 

Think of a brand you love. Maybe it’s Disney, Apple, Toyota or Trader Joe’s.  

Now close your eyes for a moment and picture that brand and anything you associate with it.  

What did you see? What did you feel?  

A brand is much more than colors and logos. Everything from visible branding elements and messaging around specific products or services to customer experience and community presence – it’s all part of a brand.  

Your brand can help you stand out from competitors and earn space in the hearts and minds of your customers. A strong brand can also increase the price your customers are willing to pay for your products and services, reduce your costs to gain new customers, and improve employee recruitment and retention. 

What is a brand audit? 

A brand audit is an in-depth assessment of an organization’s brand. It can show you where your company’s brand stands in the market and help you identify any areas for improvement or alignment. It looks at the overall health of a brand, including strengths and weaknesses, and identifies opportunities to boost brand equity.   

A brand audit reviews different strategic aspects of branding, which may include brand identity, brand purpose, brand values, brand story, brand positioning, brand messaging, brand consistency, brand awareness, and brand experience. The steps for performing a brand audit generally include defining objectives and creating a framework; conducting market, competitive and/or customer research; reviewing branding elements and communications; measuring brand effectiveness; and developing an action plan. 

The specific components of a brand audit may vary depending on the organization, its industry, and its goals, but brand audits should look at both internal and external branding elements.   

• Internal branding includes elements such as your company’s brand values, brand voice, positioning, mission, company culture and unique value proposition. 

• External branding includes elements such as your logo, brochures and other marketing materials, website, ad campaigns, social media accounts, sponsorships and promotions, public relations, event booths, store displays, and more.   

  
  

Additionally, some brand audits may assess customer experience or employee experience.  

When do you need a brand audit? 

Any time can be a good time to assess your brand and uncover opportunities for improvement. However, a brand audit is especially valuable during periods of company growth, industry change, or when business leaders see the need for focused improvement. 

• Major business initiatives, such as expansions into new markets or new audiences, mergers or acquisitions, strategic shifts, launching a new business or service line, rebranding, etc. 

• Industry changes, including technological disruptions or innovations, increasing competitive pressure, shifts in buyer behavior or preferences, etc.  

• Opportunities for improvement, such as stagnant or slow business growth, limited brand recognition, unclear or inconsistent brand identity, etc.  

Getting started 

While it can be helpful to start looking at your company’s branding elements as an internal team, most business leaders don’t have the time, skills or resources to conduct an impactful brand audit on their own.

To maximize impact and help your brand stay relevant, effective, and competitive in today’s market, consider engaging an external marketing and branding consultant who can take an in-depth look at your brand and perform a comprehensive brand audit. An outside consultant can also provide a fresh, objective perspective – an invaluable asset in any brand audit.