Key indicators of brand performance must always be in control
What is a Brand Audit Project?
Brand audit means periodic evaluation of key indicators of brand performance. A brand audit is usually presented in the form of a market research project in which key brand metrics are measured based on the opinions of consumers or customers. These projects are usually defined in periods of 3 months, 6 months, or a year. This tool can well evaluate the branding performance of companies and even compare brand performance with other competitors. Also, brand audit projects are generally recognized as an important tool for determining branding strategy or brand renewal in many companies. Brand performance is also considered an important indicator in evaluating the performance of the marketing unit. The most important brand indicators (KPIs) that are measured in the form of this type of project are:
- Brand awareness
- Top Of Mind Awareness or TOM
- Brand preference
- Brand Image or Brand Associations
- Brand Personality
- Brand Loyalty
- Brand equity
Some of these indicators are easy to calculate, such as brand awareness, but other indicators such as brand equity or brand image, are difficult to calculate. Different methods and models have been proposed to measure these variables that depending on the conditions, specific models can be used. Data analysis is also an important part of brand audit projects. To be able to present the right strategy to improve the brand position based on the calculated indicators. Therefore, the brand audit can be considered the basis for strategy formulation or improvement. Another item used in brand audit projects is; Evaluate the effectiveness of advertising campaigns. One of the most important goals in implementing advertising campaigns is to improve the brand position and brand audit can be a tool to measure this issue.