The Top 3 Reasons Brands Spend Time on Brand Reports
Every brand wants to be their customer’s first choice. To achieve this goal, they need to make brand reports and work on their brand. But what is a brand report, and why is it important for a brand?
A brand report card helps a brand to analyze its performance in comparison to the other brands in the market. For instance, a new software company can compare its features with the other brands in the market. Conducting a brand audit will help it improve its weaknesses. For instance, a company that sells invoicing software may offer an extra feature that allows users to make contracts.
These are the reasons why a brand must create a report: –
1. A brand must understand its strengths
Understanding one’s strengths enables a brand to know the areas where it’s better than its competitors. For instance, McDonalds is a family-friendly brand, which makes it the best place for a family to buy burgers.
The factors below determine a brand’s strength:
- The consistency of a brand’s image
Brand consistency is crucial. Let’s take the example of a cake seller.
The cake seller selling cakes at high prices on one day decides to sell them at a cheap price the next day. It’s highly likely that the company will see a drop in its sales. Customers create an image of a brand as either selling affordable products or premium product
- Having a proper brand portfolio
A brand report is important for a brand to analyze its offerings in depth.
For instance, let’s look at the clothes that Armani offers to its customers. The company offers clothes of three categories- Giorgio Armani, Emporio Armani, and AIX Armani Exchange. (from premium to the affordable price segment respectively)
Image Source: Business Jargons
2. A brand must understand the weaknesses it needs to work upon
A brand must be able to understand its weaknesses. This will help it attract more target customers and improve its revenue.
These are some examples of weaknesses that a brand might have:
- A brand does not have a proper social media marketing strategy.
A new coffee start-up might realize that it needs to adopt a social media marketing strategy.
Here is an example of the reports that a brand can make to analyze its efforts and weaknesses in a better manner. A brand can prepare a report which mentions the engagement on social media posts. It will help a brand understand the content that users like to see the most.
Image Source: Mention.com
Also read: The Importance of Brand Storytelling
- The brand’s visual characteristics may not be appealing.
Some components of a brand may not appeal to the target audience. The font or color scheme that a brand uses on its logo and social media channels is its identity. For instance, Zomato uses the black and red color scheme in its marketing material.
Image Source: Zomato’s Instagram Page
3. A brand report helps a brand make the required changes to it
A brand must be able to move towards making changes. These are some changes that it may want to make: –
- A brand may want to change its visual identity
For instance, a brand may realize that it needs to change its packaging or marketing techniques.
Take the example of Tropicana’s fruit juice.
Tropicana changed the packaging from an orange being shown on the carton to juice being shown on it. 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 customers did not like it. Ultimately, Tropicana changed its design to the original design.
The image below shows the difference between the original packaging and the modern packaging that Tropicana had unsuccessfully tried to adapt to.
Image Source: The Branding Journal
A brand may also need to change the brand personality. For instance, Red bull is a brand that adopts an adventurous personality. It is a symbol of fun and excitement. It targets youngsters who like to engage in activities like skating and biking. The pictures below are examples from Red Bull’s Instagram Page.
- A brand may want to change its name
When a brand is still at a growing stage, it has the opportunity to change its name.
After a few years of existence, it becomes difficult for a brand to change its name. Imagine that popular companies like Uber and Ola change their name. Many customers may not accept the change.
Now that you know what a brand report is, it’s time to make one for your own company. It’s time to identify things like the color and font that your brand uses and the tone of your brand. Will changing certain elements make the brand stand out? Can you improve the brand’s unique selling proposition?
Make sure that people remember your brand for being unique!