Brand Audit: Does Your Business Need a Brand Refresh?

In a fast-paced world, you may feel like your business is always evolving. However, when work is so busy, it’s not always easy to ensure your brand grows with you. You may find that your branding has become tired, or perhaps is not performing in the way you want it to. For many businesses, the warning signs begin when customers have a perception of your business that is different from what you are trying to portray. In other cases, strong competition may have an edge over your brand in the market.

If these issues or concerns begin to show in your business, it may be time for a brand audit.

What is a brand audit?

A brand audit is a health check your brand. It enables you to see what’s working well and what aspects that may have been neglected. Through a brand audit, you can have a deep insight into the performance of your brand and its position in the marketplace.

With a full and in-depth investigation, you can find the issues and root causes that are not delivering for your business. This will enable you to address the problem areas and begin to put in place measures that improve your brand, excel against the competition and give it a much-needed refresh.

Why do you need a brand audit?

Every brand has a lifecycle. During which, the brand may grow at a rapid pace, and it may plateau. Usually, once the business is mature, the brand plateaus and it begins to lose its appeal and relevance. Consequently, people start to look out for the new brand on the market that delivers more.

This does not mean that you need a complete rebrand every time your business matures to a new level. Instead, a brand audit provides a check to determine whether your brand needs tweaking or refreshing in order to maintain its relevance. As long as you start with a solid brand foundation, it should be relatively easy to revitalise your brand whenever you spot the warning signs that the brand is about to dip.

This is exactly why a brand audit is so important. It is the proactive response that checks the health of your brand before it starts to decline, and you lose sales and revenue as a result.

Furthermore, a brand audit can help your business to explore untapped markets. It provides the answers you need to make your brand more appealing to the audiences you are trying to attract.

How to complete a brand audit

Firstly, you need to think about the goals of your brand. For example, you may want your brand to be an industry leader, a name that people think of, or a solution to people’s needs. You may want customers to have a particular perception, feeling or emotion when interacting with your brand. Whatever your motivations, your brand should serve, inspire and motivative your customers.

Once you know what you want to achieve, you can see where your branding may be falling short. While organisations can conduct brand audits themselves, it is often better to bring in a branding expert. When you are so attached to the brand, it is often difficult to take an objective view. A branding expert, on the other hand, will know exactly what your business needs to do in order to achieve your goals and they will be able to do this from the point of view of the customer, not the business.

When should you complete a brand audit?

Conducting an annual brand audit can help to ensure your business is always correctly positioning itself in the market. You’ll help to ensure your brand always remains on point while taking regular positive steps to continually improve brand perception.

Keep your brand power high by arranging your brand audit today with our branding experts Liquid Creativity.

FAQs

1. What is a Brand Audit, and Why is it Important?

Answer: A brand audit is a thorough examination of your brand’s current position in the market, its strengths and weaknesses, and how it is perceived by your target audience. The process involves evaluating all aspects of your brand, including visual identity, messaging, customer perception, and overall brand performance. Conducting a brand audit is important because it helps identify areas where your brand may be falling short, uncovers opportunities for growth, and determines whether a brand refresh is needed to stay competitive and relevant.

2. How Do I Know If My Business Needs a Brand Refresh?

Answer: Your business may need a brand refresh if you notice the following signs:

• Outdated Visual Identity: Your logo, color scheme, or overall design feels old-fashioned or no longer reflects your brand’s values.
• Inconsistent Brand Messaging: Your messaging across different platforms is not aligned, leading to confusion among your audience.
• Declining Market Relevance: Your brand is struggling to resonate with a changing market or new customer demographics.
• Negative Customer Perception: Feedback indicates that customers have a negative or neutral perception of your brand.
• Stagnant or Declining Sales: A drop in sales or market share could be a sign that your brand is losing its appeal.

3. What Are the Key Components of a Brand Audit?

Answer: A brand audit typically includes the following components:

• Brand Identity Review: Assessing your logo, color palette, typography, and overall visual identity for consistency and relevance.
• Brand Messaging Analysis: Evaluating the clarity, consistency, and effectiveness of your brand’s messaging across all channels.
• Customer Perception Survey: Gathering feedback from customers to understand their perceptions of your brand.
• Competitive Analysis: Comparing your brand to competitors to identify your unique strengths and areas where you may be falling behind.
• Performance Metrics: Reviewing sales data, market share, and other key performance indicators to assess your brand’s overall health.

4. What Are the Benefits of a Brand Refresh?

Answer: A brand refresh can offer several benefits, including:

• Reinvigorating Your Brand’s Image: Updating your visual identity and messaging can make your brand more appealing and relevant to your target audience.
• Enhancing Brand Consistency: A refresh provides an opportunity to align your brand messaging across all platforms and touchpoints, ensuring a cohesive brand experience.
• Increasing Market Competitiveness: A fresh and modern brand can help you stand out from competitors and attract new customers.
• Boosting Customer Engagement: A refreshed brand can reignite interest in your products or services, leading to increased customer engagement and loyalty.
• Supporting Business Growth: By addressing weaknesses and capitalizing on new opportunities, a brand refresh can help drive business growth and expansion.

5. How Often Should a Business Consider a Brand Audit and Refresh?

Answer: The frequency of brand audits and refreshes depends on various factors, including industry dynamics, market changes, and business growth. Generally, it’s advisable to conduct a brand audit every 2-3 years or whenever there is a significant shift in the market, customer behavior, or business strategy. If your brand is consistently performing well and remains relevant, a minor refresh may suffice. However, if significant changes are needed to keep up with market trends or to re-align with your business goals, a more comprehensive brand refresh may be required.