What is Brand Analysis?
Your brand is the soul of your business existence. It is the way your audience conceive your business. On a surface level, you may feel logo and website is all you need to care about. Even though they are important, there are many other factors that establishes a strong connection with the brand and the audience. Further, surveys have revealed that buyers who connect emotionally with the brand are 60 % more likely to consider purchasing your products and services.
What are the components of Brand Analysis?
A typical brand analysis document comprises of various brand attributes that is essential to streamline your exponential business growth. It comprises of areas like,
- Background of the brand
- Goals/Objectives of the brand
- Measuring milestones
- Identify/Evaluate target markets
- Identify/Evaluate market personas
- Brand voice
- Competitor analysis
How does brand analysis work?
There are several tangible business and financial benefits for brand analysis. A successful brand analysis strategy curated and run by a digital marketing form will,
- Provide proven outside perspectives
- Provide valuable business insights
- Improve sales and marketing efforts
- Sets and monitor measurable goals
How to analyse your brand?
Consumers are the bread and butter for your business. As a management level executive, you need to fully understand the value of your brand and what is the most compelling factors that attracts the target audience. This helps the process of improving the brands relevance and reputation without fading away the existing special factors of your brand. Here are some of the essential strategies to be exercised in order to understand what exactly is needed to adopt and what is needed to be excluded in order to raise the commercial value of your brand.
- Engage your employees and customers – It is not ideal make any brand moves in a vacuum. Evaluate the goals and objectives using qualitative research methods. Whatever changes or strategies you implement should keep both the audience engaged in conversations and deliver meaningful insights.
- Analyse and investigate the assumptions – Once you have derived the brand insights, it’s time to investigate the assumptions. Rely on quantitative and qualitative research to figure out the effectiveness of the ongoing testing and the paradigm shift in awareness and perceptions of the audience.
- Communicate what is changing and why – Every minute change in the brand positioning requires careful approach in storytelling and communication. Include your workforce in detailing the change of action and build their knowledge in why we are rebranding the company and what it means to all.
Key Principles of Brand Management
The basic ideology of brand management while selling a product or service to customers to connect with them through a platform and then articulate what’s in store for each of them. While conveying the message, it should engage them on different levels so that you can successfully change the perceptions, diagnose the expectations and attain clarity in the dialogue. Look at some of the key principles in brand management.
- Define your brand
- Brand as a business model
- Achieve consistency
- Engage the audience
- Build brand advocacy
- Brand flexibility and relevance
- Align your tactics with strategy
- Measure the effectiveness
- Keep enemies closer
- Cultivate your community
- Brainstorming brand strategy