Auditing is much more of your accounting term. It is associated with review, check, inspection, appraisal and assessment. With time every profession adopts this term to confirm efficiency or otherwise in their systems, professionals. It is actually common today to hear personnel audit, store audit etc. As brand starts to grow, it will likely be needful to conduct Brand evaluation. Brand audits enables you to understand the present brand value. Brand value is definitely the financial brand status regarding the net present value of financial benefit produced by the brand. Brand audit really helps to know when to purchase building the manufacturer so when to gauge the impact in the brand investment. Brand audits also aid to check brand awareness, brand knowledge and also visibility and perception. In addition to the above brand audit will aid proper comprehension of brand equity.
I enjoy another online view that states that ‘A brand assessment offers a breakdown of any 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 cause recommendations to further improve brand equity, brand positioning, and brand management and marketing effectiveness’. Someone may ask when should brand assessment be conducted?. I am of your opinion that whenever the next situations apply, there could be an urgent need. One, when there is apparently a shift in focus in the brand. This can be associated with factors not initially brandaud1t for. Two, when there is growth. Being a set up, the brand could have about twenty staff, with annual budget of two million, when these number increase as well as the brand does business running to multimillions which require 1000s of hands, there is certainly need to look for the brand’s hypertension. Another worthwhile reason to conduct brand audit occurs when the company is expanding its scope across territorial reach.
Every time a thorough brand assessment is to be conducted, the manufacturer might need the guidance of any external consultant. This can help to remove personal, on-site prejudices through the result. Whichever model the brand wants to adopt-in-house or external consultancy, the subsequent areas have to be included in a sustainable brand audit. How may be the strategy doing? The marketing approach, external stockholder’s perception, communication procedure in terms of their effectiveness, employee capacity to deliver process as well as represent the company among additional factors should be given priority.