Fable&Co. will now show the steps that we take in this process by taking an example consumer trend & seeing how it would affect a brand audit.
A company that sells nuts and enjoys a strong brand in the market known for quality & healthy eating conducts market research. From this it is discovered that the nut milk business has been growing 2x in the last 3 years & will be estimated at £2bn in the UK alone.
A SWOT analysis with the methodology that Fable&Co. follows has been exemplified on the right:
- Strengths – strong brand (75% unprompted awareness) associate with nuts & dried fruits.
- Weaknesses – consumers think it is somewhat expensive.
- Opportunities – growing nut milk business offers an encouraging opportunity for expansion.
- Threats – established dairy companies are also entering the market, adding to the current players, making competition particularly fierce.
As the company brand is the largest & most imperative asset of any company, a brand audit will not only build brand equity in the target market but exponentially aid business.
Brand is the promise, the big idea, the expectations that reside in each customer’s mind about a product, service or company. Branding is about making an emotional connection.