How do you measure the value of your brand audit?

3 Calculate your ROI

One way to measure the value of your brand audit is to calculate its return on investment (ROI). This is the ratio of the benefits you gain from your brand audit to the costs you incur for conducting it. To calculate your ROI, you need to assign monetary values to both the benefits and the costs of your brand audit. The benefits can include increased sales, profits, market share, customer satisfaction, loyalty, retention, and referrals, as well as reduced marketing expenses, customer acquisition costs, and churn rates. The costs can include the fees for hiring consultants or agencies, the salaries for your internal team, the expenses for data collection and analysis, and the opportunity costs for other projects. The formula for ROI is: ROI = (Benefits - Costs) / Costs x 100%. A positive ROI indicates that your brand audit was valuable, while a negative ROI indicates that it was not.

4 Report your findings

Another way to measure the value of your brand audit is to report your findings to your stakeholders, such as your management, employees, investors, partners, and customers. You need to communicate the results of your data analysis, the insights and recommendations you derived from them, and the actions you plan to take to implement them. You also need to highlight the achievements and improvements you made as a result of your brand audit, as well as the challenges and gaps you still need to address. You can use various formats and channels to report your findings, such as presentations, reports, dashboards, newsletters, blogs, podcasts, videos, and webinars. The key is to make your report clear, concise, and compelling, and to tailor it to your audience's needs and expectations.

5 Monitor your progress

Finally, to measure the value of your brand audit, you need to monitor your progress and track your performance over time. You need to set SMART (specific, measurable, achievable, relevant, and time-bound) goals and KPIs (key performance indicators) that reflect your objectives and align with your brand strategy. You also need to establish a regular schedule and process for measuring and reporting your results, and for adjusting your actions and plans as needed. You can use various tools and platforms to monitor your progress, such as dashboards, scorecards, analytics, surveys, and feedback systems. The key is to keep your brand audit alive and relevant, and to use it as a guide for continuous improvement and innovation.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?