Annual Performance Audit
You may be asking some very reasonable questions here: Really? I should audit my brand performance every year? How much time will that take and how much will it cost? And do we have to call it an audit?
Annual Performance Audit defined: Much can happen in a year. Increased competition, market saturation, brand dilution, and price fluctuation. An annual check-up is an efficient, cost-effective means of ensuring the brand is performing to its best potential.
The truth is that an ‘audit’ needn’t be painful. And we can call it something else, if that word gives you the chills. But it is important. For the reasons mentioned above, your brand can be telling you a lot that you might be too close to hear or be objective about. It may require some outside eyes to address the reasons that it’s not performing as expected. Or to manage expectations if it is.
You should understand that typically, an Annual Performance Audit for a well-designed brand will return some suggestions for updates and tweaks. They are not required but if they’re recommended, they will be desired. Perhaps it’s merely because your staff is growing so quickly that training is required. Or that there are opportunities for brand extensions. Or that money can be saved by changing a form factor, or even something as seemingly small as an edit to color. A Performance Audit doesn’t exist to tell you what you’re doing wrong as much as how we might measure and maximize the things you’re doing right.
Annual Performance Audit process and deliverables:
- Qualitative and/or quantitative research regarding brand perceptions and performance
- Review of all recent brand activities, successes and failures
- Findings and recommendations report for review and approval
- Actionable plan for moving brand forward in market