Previously created brand may not coincide with the strategy or position chosen by the company; therefore, there is a need to assess the effectiveness of their use.
Brand audits aim to examine a trade mark's efficiency and competitiveness.
It means getting precise information about a product and services' target market, competitive advantages and assessment of brand market position, and its relevance to the company's general strategy.
As a rule, brand audits are done when there is a decrease in brand loyalty and when sales stagnate or decline. Information obtained from brand audits allow for effective rebranding. Also, the brand audits gives the company the opportunity to develop new products and services or adding changes to the existing ones along with identifying new profitability channels.
Regular brand - audit data can be used to develop strategies, take actions on promotion of products in specific markets, explore new markets, or attract higher consumer segment.