Whether you are a one-year-old brand or an established one, one factor that every brand needs to revisit periodically is brand analysis. Think of it like a healthy assessment of your brand or a health check for your brand with a brand analysis. Even strong brands need a reality check or health check to keep them on track!
Brand Analysis examines all the ways in which your business interacts with the world. Depending on where your brand stands, brand Analysis highlights if you need to rebrand or just shift your brand positioning or focus on growing another business area. So just like how you review employee performance, financial reports and technology, doing a periodic brand Analysis for your company is utmost essential.
The importance of Brand Analysis
1. Know where you stand:
Brand analysis is highly effective in understanding the value of your brand, both from a company and customer point of view. It helps you examine your brand’s current position in the market compared to your competitors and offers a comprehensive review of its effectiveness. It gives you a clear picture of the perception, image, reputation and attitude towards the brand in the market.
One such strategic brand analysis and revamping exercise Phi has done is for a client called The Victor Manickam Knowledge Group. The organisation works in the arena of providing knowledge and education to people from different walks of life. They offer unique and innovative programs that have an everlasting impact on quality of life, education, career, business and professions.
When the client approached us, we started with a review and analysis of where its current brand positioning was. And it became clear that the branding in this case was too complicated and complex, and the stakeholders – be it internal or external, remembered the company as the program they were leading or participating in. This totally diluted the brand loyalty. And our strategy was to simplify things for the brand.
2. Identify weakness, work on strengths:
Brand Analysis helps you determine the strength of your brand together with its weaknesses and inconsistencies. Insight on deficiencies of your brand, new trends and market opportunities and awareness of outside threats will help you channel energy and resources into making your brand stronger. It also helps your review the effectiveness of your brand management efforts.
Continuing on the previous example, when we worked with our client, we started by creating an umbrella body – The Victor Manickam Knowledge Group. The Group is an embodiment of the spirit of one person – the founder Mr. Victor Manickam – someone who has invested 40 years of his life into understanding how we as humans think, work, interact and live. We helped client realise that the best way to strengthen their brand positioning was to use their biggest strength – the founder himself, whose name was so well recognised in the industry.
3. Align your brand with your vision:
One important question that brand Analysis helps you with is your vision going forward – does your current branding meet that goal? As you grow as a company, you need to understand the link between other brands within your organisation to ensure they have individual identity while working towards common goal. Brand Analysis helps you build that roadmap for your future business plans and arrive at a new architecture with a new brand name or an existing one.
Like in the case of our client, it became very obvious that when an umbrella brand had to emerge, it had to be of Victor Manickam and that brand can stand for only one thing – KNOWLEDGE. And that’s how the Victor Manickam Knowledge Group emerged. This umbrella brand through its various sub-brands empowers and changes individuals and businesses through knowledge. With the maze of self-discovery as its mnemonic, the branding of the group brand seemed complete by aligning the brand with its vision of Knowledge.
4. Explore new paths:
A comprehensive brand Analysis will often reveal new growth opportunities for your brand, and reveal new ways to make your brand resonate with both existing and new target customers. It is a gateway that opens up ideas for new product development and future channels of profitability. Analysing your brand gives you the knowledge of what really matters to customers and this goes a long way in improving the way you make your products and deliver your services.
Each sub-brand was arrived at after immense thought and deliberation. The sub-brands had to look like it was a part of the whole and at the same time was complete on its own. All of the sub-brand names – “Shine Program for Life”, “Shine Knowledge Series”, “Shine Business Empowerment” and “Shine University for Self-Expression” – are self-explanatory, revealing the intention and the purpose in 3-4 words through the names itself.
So, who can help you with Brand Analysis?
A brand Analysis is best performed and led by a qualified 3rd party like brand consultants who deal in strategic brand management. The benefit of hiring someone from outside of your business is that you get expert, unbiased feedback about your brand and marketing. Moreover, such branding consulting partners have the experience of performing a number of audits and will already have a seamless process to walk you through easily.