Auditing is far more of your accounting term. It is associated with review, check, inspection, appraisal and assessment. With time every profession adopts this term to examine efficiency or else in their systems, professionals. It can be common right now to hear personnel audit, store audit etc. As brand begins to grow, it will be needful to conduct Brand evaluation. Brand audits helps you to know the present brand value. Brand value is definitely the financial brand status regarding the net present value of financial benefit based on the brand. Brand audit enables you to know when to buy building the emblem and once to evaluate the impact in the brand investment. Brand audits also aid to check brand awareness, brand knowledge and also visibility and perception. Besides the above brand audit will aid proper understanding of brand equity.
I like another online view that states that ‘A brand assessment gives a breakdown of the organization’s logo 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 lead to recommendations to boost brand equity, brand positioning, and brand management and marketing effectiveness’. Someone may ask when should brand assessment be conducted?. I am of the opinion that when the following situations apply, there can be an urgent need. One, when there looks to be a shift in focus of the brand. This may be related to factors not initially brandaud1t for. Two, should there be growth. As a start-up, the brand may have about twenty staff, with annual budget of two million, when these number increase as well as the brand has been doing business running to multimillions which require a huge number of hands, there is need to determine the brand’s blood pressure level. Another worthwhile reason to conduct brand audit takes place when the brand is expanding its scope across territorial reach.
Whenever a thorough brand assessment is to be conducted, the company may need the guidance of the external consultant. This helps to eliminate personal, on-site prejudices from your result. Whichever model the manufacturer wants to adopt-in-house or external consultancy, the subsequent areas must be paid by a sustainable brand audit. How may be the strategy doing? The marketing approach, external stockholder’s perception, communication procedure with regards to their effectiveness, employee capacity to deliver process and also to represent the brand among other factors has to be given priority.