A Brand Audit | #MyFridayStory №57

The Dictionary of Brand defines brand as, ‘A person’s perception of a product, service, experience, or organisation.

When Proctor and Gamble bought Gillette for $57 Billion in January 2005, making it one of the largest corporate acquisition deals in America, it created the world’s largest consumer-products enterprise. Besides being a successful shaving brand, the Gillette corporation owned well-known brands such as Oral-B, Pringles and Duracell, among other successful brands.

At the time of the sale, the estimated value of the tangible assets of Gillette made up 40% of the $57 Billion purchase price.

60% of the price was in the brand value.

The problem with case studies about large successful brands is, many see the story as being reserved exclusively for, ‘large successful brands.’ When, in reality, every brand started out being a minnow once. Nike, Mercedes Benz and Virgin were all small start-ups when they started out, bootstrapping their way to chasing a dream. As part of that dream, and in a way to make it tangible, a brand is born.

Every business needs a brand that is recognisable and that distinguishes it from competitors. Even a ‘no name brand’ product, is branded. There are few folks that would argue against protecting your brand image and ensuring it is always seen in the best possible light. At the heart of a brand is the brand promise. The brand promise is what people feel when they come into contact with any element of your brand. When establishing a brand in the hearts and minds of your target audience, living up to your brand promise at every touchpoint, is an opportunity to strengthen the brands’ value in the mind of the client.

As an example, Disney’s brand promise is, ‘Creating happiness,’ the Starbucks promise is, ‘ To inspire and nurture the human spirit — one person, one cup and one neighborhood at a time,’ while Kreepy Krauly’s is, ‘ It’s not clean unless it is Kreepy Krauly clean.’ Establishing your company’s brand promise takes consistent effort, at every level throughout the organisation, getting your audience to feel inspired and captivated, and wanting to engage with the brand.

Strong brands make more money, it’s that simple.

A business becomes powerful by having a strong brand and consequently profits are dramatically increased.

A powerful brand is built looking at three key elements:

Conducting a Brand Audit helps to identify any problem areas that could be hurting your brand image. You could conduct an independent audit of your brand, or check out the steps below to establish the health of your brand.

Here are the more important elements to consider.

Brand Strategy

Corporate Identity

Marketing Collateral

Website

Social Media

Once you have concluded your brand audit, you can decide whether your brand needs a facelift or to conduct a rebrand. All brands get old and staid with time. The process of going through a Brand Audit ensures your brand is always kept fresh and top-of-mind with your chosen audience.

Have an awesome weekend!

Originally published at https://www.leapfirst.co.za on July 26, 2020.

Curiousor and curiousor