Health check up of your brand: Brand audit
When you brand sales start slaking down, consumer no more interested in your brand, or they don’t give important to your valued brand positioning. Than it is time to check health of your brand.Brand have life cycle. It start with enthusiasm and commitment, growth and saturation, decline the sale and growth, losing market share and interest of Costumer. Costumer starts attracting toward new products in market. This is natural life cycle of brand. So it is advisable to go for brand health check before it starts losing sale. Take time and examine your brand strength, weakness, opportunity and threaten your brand facing from competitor. Brand audit require following tests of your brand
External Partners and Customers
External partner play an important role in development and same way the customer. So it require know the view of them for your brand. What they thing of our brand and where they position your brand. By research and survey find out the fact regarding the brand.
Internal Stakeholders
Internal stakeholders are the involve with the brand day to day. Their view is also important to understand the health of your brand. Within the organization how the people perceive your brand, because they are directly in contact with customers. Sales team, marketing team, manufacturing team would be clear about the brand.
Know your competitor
It is also essential to know how your competitor positions your brand and what value addition they provide to customer. Along with time what type of change they incorporate to satisfy the need to customer along with changing demand. Very good example of the bajaj. The brand which ruled the Indian roads have been laid to rest. The brand which was launched in 1972 virtually owned the two wheeler segment. The company failed to understand the changing perception of the customers towards scooters. Bajaj never did anything with the product. For 40 years had the same look, same quality and style. Finally the brand died.
Brand Positioning
What the brand promises? Does it legitimate as per time and market scenario? Does it promise high value and competitive advantage? As the Rasna old position “ I love you Rasna” to " Relish a gain" as old position target kids only but the changing scenario of beverage industry The company no longer wanted to be a kid's drink.
Brand Identity
Do customers know what your brand stands for? The brand audit provides the reality check on just how well the essence or personality of the brand is resonating. Dalda woke up after having been around in the Indian household for 75 years. The iconic brand, once synonymous with hydrogenated cooking mediums or 'vanaspati ghee', has been re-launched with four varieties of refined cooking oils under the brand name, Husband's Choice. Commenting on the development, Adhiraj Sarin, managing director, Bunge India says, "Bunge understands that India, and Indian consumers have changed significantly in the last few years, and it was imperative that with the edible oil business being one of our future growth drivers, Dalda needed to reinvent itself for the edible-oil consumer. Our extensive consumer research has shown that Indian consumers, though health conscious, believe that they are compromising on taste when it comes to edible oils. Dalda Husband's Choice oils will address this concern by its upgraded product offering through added vitamins, along with the heritage of taste that it owns."
Brand Communications/Messaging
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