Brand audits enable companies to understand how their brand, products, and company, in general, are seen by their audience. Conducting a brand audit is an industry-standard practice to assess the position of a company in the mind of the customers. Simply put, such audits are to measure and understand what potential customers think about a company.
This assessment is extremely important for companies, startups, and businesses that need to maintain a strong brand presence. E-commerce stores, fast-fashion brands, local businesses but even professionals like consultants or lawyers have one thing in common: they are as good as their reputation. To maintain demand and consistent business flow, online-first and B2C businesses not only need to keep an excellent reputation but also need to remain in line with fast-changing customer expectation trends.
What is an ideal frequency to audit your brand?
Established companies take brand audits regularly to check what potential customers like and dislike about them. This crucial for various reasons, including:
Startups and small businesses get significant business advantages with brand audits, as the vast majority of small to medium-sized companies hardly ever, or never audit their brands. Missing out on such important insights is often the underlying reason for the inability to scale, to make substantial improvements in the business model, or even the failure of the company.
Why do most small businesses not take audits?
Many entrepreneurs argue with the previous statement, claiming that they listen to customer feedback, and use those insights to improve their products and services. That is great, but they entirely miss the point - as customer feedback insights will be unable to answer why most of your potential customers did not make a purchase.
These are just a few of the questions a brand audit can answer, based on thousands of quantitative and qualitative responses from your key audiences.
How much do brand audits cost?
The free option: an assessment by the marketing team
To save money, amateurish marketing teams tend to evaluate their marketing efficiency by themselves. This is a really bad practice that can cause serious damage both financially, and also from a branding point of view. Such assessments are typically based on biased opinions who will stick to their ideas and fail to realize potential flaws. This is a practice to avoid.
Budget option: freelancers
Entry-level freelancers can charge as low as $50 to $100 for a brand audit, which is also useless as it is based on the observations and opinions of one individual, instead of real in-market customers. An experienced marketing freelancer will charge between $300- to $500 for the same.
Brand consultants and agencies: forget it
Branding agencies and brand consultants typically charge between $3,000 to $5,000 for an elaborated brand audit - which is still just the elaborated opinion and suggestions of one person, instead of feedback from thousands of potential customers.
Data and market research based brand audits
At Brand Auditor, we have a vast selection of specialized brand audits starting from $350 only - offering an affordable way to do targeted customer perception analysis. Our most popular audits are the E-commerce Store Audit, and the Market Demand Analysis. Aside from these, we have specialized audit types for personal brands, startups, hotels, and many more.
To offer full control over the scope of analysis and, size of the market research, and of course the audit cost, we have created an audit customization system that enables our customers to create their bespoke audits.