In this ever-changing landscape of business and industry, staying ahead and maintaining a competitive edge is paramount. One of the key strategies to achieve this is through a brand annual checkup.
By conducting regular evaluations, it enables businesses to assess their brand’s health to identify areas for improvement and leverage on opportunities. Through these assessments, it provides valuable insights into brand awareness and reputation, market trends, consumer behaviour and customers’ experience, and competitor strategies; allowing brands to make informed decisions, adapt to changes, and position themselves as industry leaders. Here are three tips to conduct an effective brand annual checkup.
1. Key Performance Indicators for Numbers to Narratives
While there are many metrics to audit the brand, one of the common methods to analyse the brand’s health is utilising key performance indicators (KPI). Key metrics such as website traffic and performance to monitor for returning visitors, social media engagement to view for the share of voice, conversion rate, and customer feedback, provides valuable and actionable insights to measure brand performance and identify areas for optimisation and improvement.
Social media engagement is one of the important tools to analyse your brand’s performance and understand your target audience. SPH’s Lianhe Zaobao (LHZB), wanted to reach out to the younger generations whose perception is that LHZB is for older people only. With the objective in mind, Mashwire was engaged to help LHZB to engage its readers. From the social media platforms, we discover a trending topic and the content type that the TA engaged well with. Check out how Mashwire turns consumer findings into a campaign for SPH.
2. Know Thy Competitors and Industry
As the famous Sun Tze quote goes, “Know thy enemy and know yourself; in a hundred battles, you will never be defeated.”
Market research can be your weapon in hand to stay informed about industry trends and competitor activities. Conducting surveys, analysing industry trends, and monitoring industry publications to gain a comprehensive understanding of the market landscape. This allows you to identify and leverage on emerging opportunities and differentiate yourselves from competitors, keeping yourself at the forefront.
One good example of leveraging opportunities was Fitness Bravo who went through a brand refresh and explored ways to better portray their brand identity in the digital space. Check out how Mashwire utilises their strengths of customising fitness programmes to cater their consumers’ needs which other competitors were unable to achieve through SEM and their website.
3. Listen to Your Target Audience
Gaining customer engagement and feedback can help to assess your brand’s image and performance. Through active listening to your customers allows you to understand their needs better and incorporate their feedback into your brand strategy. This monitoring allows you to unearth your brand positioning and perception, brand reputation, brand awareness and employee engagement which are strictly related to your brand’s health. This will help you in building a customer-centric brand and staying ahead of changing customer preferences.
Due to the current economic climate, we understand that many marketers are facing challenges to keep their marketing activities going with limited budgets. These tips and strategies will aid marketers to assess and identify targeted opportunities to market to their consumers with a decreasing budget.
If you are struggling in reaching out to your target market, and would like an expert to identify the brand opportunities, speak with us today on how our services can help your brand to engage with your target audience today.
