There are several situations that require a brand manager to review and reevaluate the brand. Quite often this is an activity dictated by an unexpected event or circumstance which intuitively calls for the review. These often occur because of competitive activity, particularly when inytroducing a technologically superior product. The event may also be something as “trivial” as a critic’s product review.
Yet there are some more predictable situations where your brand management people should perform this review, also called a brand audit. Ideally,Â brand audits will be scheduled annually and receive as much attention as the brand plan. But if not, they should be reviewed when any of the following situations occur:
When contemplating a decision to enter a new market or product category in which you have not as yet established a position.
When assessing the pros and cons of extending a brand into a new product category or developing a new brand for that category.
When determining whether to sub-brand or utilize a corporate brand – and to assess the balance between the two.
When a brandâ€™s market share is slipping or is not meeting realistic expectations because of competitive activity.
When considering the establishment of a new product category in which your brand will be the first participant.
When you are not certain of your brandâ€™s position, strength or effectiveness in relation to competitive offerings.
When itâ€™s time to establish a cohesive branding plan, and implement it through the creation of relevant branding elements: name, positioning statement, logo, packaging, graphic standards, associations, events, etc.
On my Signature Strategies website, Iâ€™ve outlined the elements of a complete brand audit. Just click on the name Signature Strategies to review and print out this doc.