All involved in marketing know that the importance of branding is a near mystical concept and unbelievably fickle at times. Think of the most solid, unshakable brand imaginable and even that can be left in tatters or slightly worse for wear. However, there is no more powerful tool when it comes to ensuring that your company’s products and services are recognizable. Moreover, these products and services are recognized at the first glance and attractive to your target clientele. To ensure that your brand is always the best, you must understand the importance of branding and regular auditing.
Why is the importance of branding so crucial?
The importance of branding is undeniable. Back in 2014, Cohn and Wolfe looked at American brands and surveyed over 12,000 people across 12 distinct markets. Their findings were clear brand honesty by not letting customers down in importance. Also, 91% of those interviewed rated branding as highly important. So, let’s get down to brass tacks and look at what a brand audit involves and how it can help.
About brand audit___a key element showing the importance of branding
One of the most forceful elements which depicts the importance of branding is brand auditing. The idea behind a brand audit is to gain an in-depth understanding of where your brand lies. Moreover, Where your brand stands in the eyes of your target audience and how you are performing in their eyes. This is in order for you to come up with the best range of corrective strategies. This is also to understand what you do best and in which areas lie room for improvement. How are you perceived by the well-wishers of your business and how does that compare to your competition? These are questions of prime importance when it comes to ensuring that your brand is attractive to the maximum. Moreover, these questions count while giving your business the best chance of dominating the market.
The ins and outs of a brand audit
Successfully approaching a brand audit requires a distinctly personal and customized approach depending on the nature of your business. What is universal and extremely helpful, however is the need to split up your research into distinct categories as follows:
Internal branding – brand values, culture, unique characteristics — enhances the importance of branding
External branding – identity, advertising, SEO and website, social media strategy, video content, blogs and other content marketing, news and PR. Systems and infrastructure – brand standards, sales procedures, internal systems and customer service standards.
Major aspects of a brand audit
A thorough overhaul of all of these systems is necessary for any business to conduct a successful brand audit. You will be able to better understand your brand as it stands and what you should be aiming for. How your customers view your company’s branding may be vastly different from how you imagine they do. It is vital that enough research is done to get an accurate picture. Of course, you may do a brand audit and like most of what you find regarding the importance of branding. But, if there is room for improvement, you can certainly take many steps to help change things around. It will definitely improve your public image at the same time.
The increased business value
The generation of new customers verify the importance of branding. A well-established brand is greatly helpful when the company thinks about its own expansion by generating future business. The company gets more leverage in industry with a strongly-established brand at its back increasing the value of its business. The importance of branding reveals itself when a powerful brand makes a more attractive investment opportunity for the company owner. The deep-rooted position of the brand in the market encourages the company to expand its business.
Having developed the business on the basis of a solid brand, the company feels no pressure of generating new customers. There already exists a very positive impression of the brand among the potential customers. They are always willing to do business with the brand they are familiar with and trust most. The way the ex-customers think and respond to a strong brand is the live and proactive advertisement of the company. This word of mouth is the best and the most influencing advertisement technique of the company.
Special importance of branding
It is worth remembering that your brand is what separates you from the (likely) plethora of other companies. These are different companies in your field offering similar products and services. It offers you the best potential for ensuring your message is memorable in the eyes of potential customers. Tying your brand to a certain, distinct positive message and sticking to that message is often one of the most successful ways to manage a brand. Think of Fairy liquid and the idea that it is a washing up liquid that is kind to your skin and good at cleaning dishes, or Apple (expensive, but easy to use and involves quality design). The power of brand identity is all around us and it just takes a little hard work and investigation to reveal the power of yours.