Reality check: Is your brand not growing? How can you grow your brand? Are your sales falling? And finally – is your brand equity the same as your true brand value?
How often do you feel that there’s a yawning gap between your brand equity and actual brand value? And which way do you align your business strategy/ brand strategy? Based on the way your brand is perceived in the market, or the way you see it internally in your organisation? Most importantly, how do you close the gap between brand equity and reality and also identify and unlock the true economic value of your brand?
What you need is a brand audit. At Origene, we call it the brand truth audit. We do a holistic brand/ company audit that covers both internal and external perceptions (customers as well as stakeholders and employees). We then identify the gaps in perception as well as those in your brand marketing strategy, and analyse how they can be aligned towards your focus area(s) of business. Our brand audit clearly identifies the pillars on which your brand stands, which in turn provides a strong and clear foundation to build your whole business strategy on.
Depending on specific requirements, our brand audit includes key stakeholder analysis as well as overall market research (qualitative research and quantitative research) – covering retail research, competitor analysis and competitive intelligence, and consumer research (purchase habits, buying behaviour, consumer insights, popular and unpopular incentives etc.).
Our brand audit approach is meticulous – the key stakeholder analysis also includes an internal employee survey (which helps forge a holistic view of internal brand value), and the market research process monitors the subtlest of market-dynamics. While we attach equal importance to both the internal and external analyses, we lay a particularly strong focus on analysing customer perception at every touch point.
In essence, what you get is a reality check – a robust internal and external understanding of your brand, i.e., where your brand equity stands as opposed to its true brand value. This then forms the basis for a strong brand strategy – or even business strategy as a whole. In other words, it puts you in the best position for strategic brand management aimed at aligning your brand equity with your brand value. This in turn ensures a highly effective brand strategy, one that can stand its ground against the most aggressive competitive marketing strategies.
The benefits of such an alignment are many. For one, it makes for clear, focussed messaging. This aids brand awareness, brand value and brand recognition, which in turn help strengthen brand equity. And what does that finally translate into? Stronger brand positioning, enhanced economic value, a robust understanding of your brand’s strengths, weaknesses, opportunities and threats, higher market share and better market position, and, most of all, increased customer satisfaction – to name a few. The list is literally endless.
Is this something you can do internally? Possibly. But how sure would you be of getting unbiased, unskewed results? That’s exactly why you need a external entity, an independent marketing consultant, to do the audit. After all, a brand audit works on the same principles as any other audit – it has to give you a clear, detached and impartial view of how your brand stands currently.
This programme is relevant for:
Indian businesses (particularly SMEs) considering a fresh initiative – if you are contemplating exploring a new market, a new product launch, rebranding, or even a re-launch.
Companies/ brands looking to accelerate monetisation of their economic potential – if your organisation has been stagnating/ languishing/ performing at less than its actual potential.