Every seasoned marketer understands the fact that customers prefer their products not just for the quality, price or services. People buy products from companies because of the brand image. This is also known as brand loyalty. The values and business ethics of the company go a long way in creating the identity of its brand. People connect with certain characteristics of the brand and remain loyal to it. Companies need to conduct an audit from time to time and create the brand analysis report Denver in order to retain the market share.
In today’s fast-changing trends your brand needs to be evolving and enduring against the competition in the marketplace. It becomes quite complicated as with time companies expand, diversify and acquire other services and products under their brand.
Refreshing and redefining your brand is essential so that your company maintains a clear strategic orientation that matches the strengths and objectives of your business and focuses on the target audience segment.
Analytical Tools
Some significant brand analyzing tools are SWOT, PEST and FORCE FIELD.
SWOT – In this analysis model Strengths, Weaknesses, Opportunities, and threats are analyzed to improve the brand impact and overcome the negative factors. This type of analysis is most suited for brand launches to bring assets into the market and the brand is strengthened.
PEST – This analysis model comprises of the Political, Environmental, Social and technological audit. It is best suited for brands that are operating in a highly sensitive market or a market that is full of conflicts and controversies. It is also suited well for brands that are placed at the leading edge of market trends. The brand analysis report Denver helps to layer on in a situation where the environment creates an impact on your brand.
Force Field – In this model of brand analysis, factors of Drivers, Inhibitors, Opportunities, and Threats are analyzed. Brands that are sustaining benefit from this type of analysis. The drivers and inhibitors are operating in the market at present whereas the opportunities and threats can be projections for the coming financial year.
Brand Analysis Parameters
The following analysis will help the company to evaluate the brand value and business value providing critical input to decision making
Brand Scorecards
Integration of different elements of market research, financial and market metrics, and investment to track performance over time and improve the overall brand value
Brand Equity Measurements
Quantifying the brand equity after analyzing market research and conducting interviews with stakeholders. This is then correlated to the actual business performance.
Competitor Benchmarking
Benchmarking the strength, future potential, and risk in relation to the performance of competitors enabling strategy formulation to retain and increase the market share.
Brand Finance Approach
The creation of a framework for obtaining the brand value results to enable better corporate reporting and improve the brand performance management.
Conclusion
The brand analysis is an important part of business management. Conducting an audit of the brand standing in terms of market share, weaknesses, potential opportunities and possible threats facilitates in decision making. Brand analysis report Denver enables the company to come up with the best strategies to improve the brand value and market share.
