Defining a Brand Analysis and How Your Company Can Benefit From It
The brand of a company is valued according to a variety of factors. Those factors not only include aspects like logo, slogan, and color scheme, but also the underlying identifiable values of the business. A brand analysis can bring out the strengths and opportunities within a brand, which can help tremendously in terms of effective marketing.
What is a Brand Analysis?
A brand analysis is conducted as a marketing evaluation to uncover a company’s best strategies, strengths, methods, and opportunities.
Each brand has its own unique identity and personality. A branding analysis can help bring those unique characteristics out. Through a branding analysis, marketing experts will be able to flesh out exactly how to best market the unique qualities of a brand to the world. It is a process that has been known to produce profound results in marketing to the most effective demographics.
What are the Benefits of Brand Analysis?
There are a number of advantages that come with conducting a brand analysis. Here are a few highlights:
- Offers a clear look at what has worked and what has not in your branding strategy.
- Can help clear up where any inefficiencies might be in your marketing.
- It provides a new, unbiased perspective – one of an outsider.
- Can help set measurable branding and marketing goals.
- Offers a more efficient use of capital in terms of the time and labor that goes into branding.
Now, let’s take a deep dive into the advantages of brand analysis.
Allows Companies to Gather and Organize Feedback
By conducting a brand analysis, your company will gain insight into some of the more intricate parts of the brand. A culmination of data will be gathered through the analysis on parts of the brand that would otherwise go unreviewed. This will allow you to diagnose key aspects of your branding and marketing, and in turn, set efficient goals and objectives for the future.
Increases Branding Efficiency
There is a lot of time, money, and labor wasted on ineffective marketing and branding. A company can improve its branding efficiency by conducting a brand analysis. The brand analysis will expose areas of the branding strategy that need improvement, and areas that your company may be wasting time and money on.
Helps create more Effective Marketing Campaigns
If you’re business is struggling to effectively market your products or services, it may be time for a professionally conducted brand analysis. The process can help reshape your company’s marketing efforts, promote the power of your brand, and increase sales. Specifically, the brand analysis can help your company capitalize on the values behind the brand.
What does a Brand Analysis Cover?
A brand analysis covers the most important elements of a company’s branding and marketing strategies. By understanding more about specific aspects of your brand, you will be able to customize your strategy to be more efficient and effective.
Let’s take a look at some of the most important elements included in a standard brand analysis.
The company summary element of a brand analysis will serve as a broad overview of your company and branding. It gives a perspective on what your company does, who you serve, what industry you are in, and who your competitors might be.
The overarching goals you have that surround your branding strategy. You may want to ask yourself a series of questions in this regard:
- What does your brand stand for?
- How do you want your brand to be viewed?
- What do you want your brand to sound like?
- What do you want to accomplish with your brand?
This element should help flesh out the broad image of what your branding strategy is.
Objectives are similar to branding goals, only smaller and more specific. This element speaks to the specific and measurable objectives you want to accomplish with your branding strategy. For example, if your branding strategy is targeted toward a certain demographic, you may set an objective to convert 100 customers in that specific demographic.
This element serves as the second half of the equation to the last element. The results of your objectives (specific and measurable goals) are trackable. Through the objective results, you will be able to review your objectives and make any adjustments to your branding strategy if necessary.
This section is all about the perspectives that your own team has toward the company’s branding strategy. Internal feedback can be gathered formally or informally through surveys and interviews.
This is an important part of the branding process, especially during a change in branding. Like internal feedback, customer feedback can be gathered through interviews, surveys, reviews, or comments on social media posts. The goal with customer feedback is to understand the customer’s perception of specific elements of the branding strategy, such as logo, colors, slogan, etc. This can help your company better project the brand sentiment you are looking to achieve through your strategies.
Brand Competitive Analysis
This element of the brand analysis is used to determine where the strengths and weaknesses of your competitor’s branding strategies lie. Data gathered from this aspect of the brand analysis can be used to compare with the strengths and weaknesses of your own company.
A market analysis will offer your company a look at target market and audience. It can help your company understand the brand sentiment that the target demographic may hold. From here, you will be able to compare the data gathered in the market analysis with the data gathered from the rest of the analysis. This can help tremendously in terms of branding and marketing effectively toward the target audience.
Wondering what a Brand Analysis can do for You Company?
If you’ve been struggling to connect the values and unique characteristics behind your brand with your target audience, a brand analysis may be just what you need!
A brand analysis can help revamp your company’s marketing efforts to ensure you are utilizing all the strengths and advantages inside your branding strategy. Our professional team will work with you hand-in-hand to help create the best branding and marketing solutions for your company. If you’re ready to see what a brand analysis can do for your company, feel free to reach out today!