The importance of a brand assessment and a few ways you can conduct one.
Your brand exists in the mind of your customers and they ultimately determine how your brand is perceived. Therefore, you should keep interacting with your market and industry to assess what you can do to keep your brand ahead.
Why brand assessment?
It allows you to bridge the gap between how you want your brand to be portrayed and how it’s actually perceived in the marketplace. This is why a brand assessment is so important. After going through the process of a brand assessment, you’ll discover valuable information about your business.
The benefits of a brand assessment
A brand assessment will help you visualise your brand’s position in the market. You’ll become more in touch with the strengths and weaknesses of your business from analysing your customer and market research. You’ll then be able to deliver a more accurately aligned offering, in a way that resonates with your customers.
This puts you in a prime position to recognise golden opportunities and turn them into real business growth. More importantly, you’ll have a chance to rediscover and recommit to your company’s goals and vision.
How do you assess your brand?
Well, there are quite a number of ways; the most common of which is a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This method allows you to evaluate each of these elements in detail.
Another method is the 3 Circle Analysis, which allows you to look at your brand from 3 perspectives i.e. those of your customers, your competitors and, of course, your own. It makes you aware of how your brand meets customer needs, the similarities with your competitors and what makes your brand unique. Below is a basic layout of the 3 Circle Analysis:
The 3 Circle Analysis is a great way to look at the market holistically, but you may require more in-depth methods into either your competitors or your customers. Then a SWOT analysis is necessary for your own brand. We also recommend a Competitive Assessment, where you list each of your competitors and the degree of threat they pose to your brand. Or, you might want to design a Customer Survey where you can collect valuable data from the very people who determine the perception of your brand. Customer Surveys are key to brand assessment and helps to indicate growth opportunities.
You could also consider an Internal/External Brand assessment approach. This helps you compare the internal perceptions and existing market information about your brand with current external market perception. There are many market research methods to choose from, including the aforementioned Customer Survey. It’s up to you, depending on the information you need about your brand.
Brand assessment, the first step to excel your brand
Colourworks recently conducted a brand assessment and we found that it was a great way to develop our marketing and our brand strategy. We have consequently implemented quarterly brand assessments to help keep our brand authentic and extraordinary. It can be very beneficial if you’re looking to rebrand or have just undergone one.
The point of a brand assessment is to gain insight into your own business and brand. But you can’t do this on your own, alone in a room, figuring out how people perceive your brand. You have to engage with your target market to get perspective of your brand perception.