Brand Equity

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I’m excited to say that I’ve just finished my third class in the IMC program—IMC 613 Brand Equity Management. Time is flying quickly, and I have learned a lot so far!

brand

The final project for IMC 613 was a brand audit.  A brand audit examines a specific brand’s strengths and weakness and its position within the marketplace. To conduct a brand audit, you need to study how the business manages and positions the brand portfolio and how consumers’ view that brand. Additionally, you need to examine the competition. By conducting this research and analysis, you can uncover what opportunities exist for the brand and what improvements need to be made.

Through the final project, I learned what a brand audit can help you discover about a brand. These are a few examples of the type of information I uncovered when I conducted a brand audit on a challenger brand:

  1. The disconnects between the company’s view of its brand versus the actual customer perceptions of the brand
  2. Unnecessary product/line extensions
  3. Inconsistencies amongst the brand’s marketing and positioning efforts/programs
  4. A lack of a strong, unifying brand mantra
  5. Sources of the brand’s strengths
  6. The target audience’s actual feelings and thoughts about the brand’s products and the competitor’s products

As you can see, the information gained from conducting a brand audit proves to be extremely useful for a business. If you took the class, do you have any experiences with conducting your brand audit project that you wish to share?

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