Every time you have a cold, you perhaps reach for the right medication from your cabinet or decide to visit a doctor. Sometimes, brands plateau, stutter a little and hit a sharp downward decline. This results in loss of sales as the brand loses its appeal.
Just like humans, brands can either be healthy or unhealthy. That means a brand audit health check is an indispensable tool as it helps you closely monitor and manage your brand’s overall state of health. This will result in ongoing performance and increased profitability.
In addition to making sure you have the right PR portrait photographer for great pictures associated with you and your brand, you need to analyse how your brand is performing.
Symptoms of a brand that is declining in health can be a warning sign offering you an opportunity to fix an upcoming issue long before it becomes too challenging, worse, or even fatal.
Here are vital signs to help assess whether your specific brand is in perfect health and what you can do to correct the situation.
1. Is your company steadily growing, declining or losing its relevance?
A business with a strong brand strategy that is supported by consistent execution will always experience healthy growth, assuming that the actual service or product is on the money. In a highly competitive marketplace, the overall benefits of a carefully developed brand strategy shine bright as it offers you company operations clarity, clear focus, and a competitive edge.
The appeal of your brand to its specific target market and the right communications which support that probability will enable your brand to perform better such that it can help you generate better sales now and even in the future.
Unfortunately, for most businesses, this rose-hued image feels far away from reality. One of the common reasons for this shortfall is the fact that the brand strategy isn’t entirely developed to offer firm support and provide the right direction required in the company.
Always remember that your brand strategy is the bedrock underpinning your entire company. The reality is that branding isn’t the design or marketing concept. It is something bigger that offers the overall direction for marketing and design. This is the primary reason it is essential to clearly map out your brand strategy in finer details if you intend to create a highly successful and profitable brand.
Marketing, branding, and design are the three major disciplines that perform different functions within the same business. Each of these elements is important, and all are interlinked. However, if one of these critical factors is missing, it is like having a three-legged stool with one leg missing. That means the stability of your entire business will be compromised.
2. Is your marketplace becoming more crowded?
You must have heard the theory about the performance of a business for a sustained period and then gradually plateaus. Sometimes, the business might go in reverse or in a downward spiral. Generally, if your specific brand positioning is strong enough, your services or products are excellent, and you have implemented an attractive pricing strategy, the chances are that your business isn’t performing because the environment has changed.
Probably more and more brands have joined the market. In some instances, it could be that some competitors have rebranded in a unique way such that it increases its overall appeal to a significant fraction of your current client base. Having a strong brand will help you command a premium price. This is the primary reason luxury brands tend to sell for higher price points as compared to own-label house-brand goods or unbranded goods of the same quality.
A healthy brand, according to professionals, will help you to create a highly recognised presence in the market and build an active community or fan base of loyal customers, whether online or offline. It will also help you create and maintain strong relationships with your suppliers and other relevant stakeholders.
3. Have you changed your business strategy or model?
As much as it is common to talk about a weak and a strong brand, some context is necessary. Have you ever realised that a certain brand may be strong in specific areas, but when it tries to target a new audience, raise the price, or even launch new services and products it might struggle to maintain its relevance to the target audience?
This is a warning sign that the brand extendibility or stretch isn’t working as expected. This could be because an intensive brand audit wasn’t performed to carefully evaluate the overall market, target customers, the brand strategy and its expandability.
If your brand is failing in some of the areas mentioned above, it is worth considering an intensive brand audit and health check to identify and address all possible vulnerabilities.
Stand out from the crowded marketplace with the right PR photography for your brand by booking a professional business portrait session with London Photo Portfolios: Email