The Top 3 Reasons Brands Spend Time on Brand Reports
Every brand wants to be its customer’s first choice. to realize this goal, they have to form brand reports and work on their brand. But what’s a brand report, and why is it important for a brand?
A brand report helps a brand to research its performance as compared to the opposite brands within the market. as an example, a replacement software company can compare its features with the opposite brands within the market. Conducting a brand audit will help it improve its weaknesses. as an example, a corporation that sells invoicing software may offer an additional feature that permits users to form contracts.
These are the explanations why a brand must create a report: –
Understanding one’s strengths enable a brand to understand the areas where it’s better than its competitors. as an example, McDonald’s may be a family-friendly brand, which makes it the simplest place for a family to shop for burgers.
The factors below determine a brand’s strength:
The consistency of a brand’s image
Brand consistency is crucial. Let’s take the instance of a cake seller.
The cake seller selling cakes at high prices at some point decides to sell them at an inexpensive price on the very subsequent day. It’s most likely that the corporate will see a drop in its sales. Customers create a picture of a brand as either selling affordable products or premium product
Having a correct brand portfolio
A brand report is vital for a brand to research its offerings holistically.
For instance, let’s check out the garments that Armani offers to its customers. the corporate offers clothes of three categories- Giorgio Armani, Emporio Armani, and AIX Armani Exchange. (From premium to the affordable price segment respectively)
A brand must be ready to understand its weaknesses. this may help it attract more target customers and improve its revenue.
These are some samples of weaknesses that a brand might have:
A brand doesn’t have a correct social media marketing strategy.
A new coffee start-up might realize that it must adopt a social media marketing strategy.
Here is an example of the reports that a brand can make to research its efforts and weaknesses in a better manner. A brand can prepare a report which mentions engagement on social media posts. it’ll help a brand understand the content that users wish to see the foremost.
The brand’s visual characteristics might not be appealing.
Some components of a brand might not appeal to the audience. The font or color scheme that a brand uses on its logo and social media channels is its identity. as an example, Zomato uses the black and red color scheme in its marketing material.
Image Source: Zomato’s Instagram Page
A brand must be ready to move towards making changes. These are some changes that it’s going to want to make: –
A brand might want to vary its visual identity
For instance, a brand may realize that it must change its packaging or marketing techniques.
Take the instance of Tropicana’s fruit crush.
Tropicana changed the packaging from an orange being shown on the carton to juice being shown thereon. This led to a dip in sales for Tropicana. The principal reason for the dip was that customers had liked the previous packaging. The new packaging received criticism. the purchasers didn’t love it. Ultimately, Tropicana changed its design to the first design.
The image below shows the difference between the first packaging and therefore the modern packaging that Tropicana had unsuccessfully tried to adapt to.
A brand can also get to change its brand personality. As an example, Red bull may be a brand that adopts an adventurous personality and Its logo carries a brand personality of fun and excitement which helps them target youngsters who wish to engage in activities like skating and biking and high adrenaline sports. The photographs below are examples from Red Bull’s Instagram Page.
A brand might want to vary its name
When a brand remains at a growing stage, it’s the chance to vary its name.
After a couple of years of existence, it becomes difficult to re-brand. Imagine, that popular companies like Uber and Ola change their name many purchasers might not accept the change and the brand might lose its identity and value.
Now that you simply know what a brand report is, it’s time to form one for your own company. It’s time to spot things just like the color and font that your brand uses and therefore the tone of your brand. Will changing certain elements make the brand stand out? are you able to improve the brand’s unique selling proposition?
Make sure that folks remember your brand for being unique!