How do you identify brand risks?

1 Scan your environment

The first step to identify brand risks is to scan your environment for any signs of potential threats or opportunities. This means keeping an eye on your industry trends, customer feedback, media coverage, social media sentiment, competitor activity, and regulatory changes. You can use various tools and sources to collect and organize this information, such as market research, surveys, analytics, alerts, reports, and dashboards. Scanning your environment regularly and systematically will help you spot any emerging issues or trends that could affect your brand positively or negatively.

2 Analyze your data

The next step is to analyze your data and identify the root causes, impacts, and probabilities of each potential risk. You can use different frameworks and methods to assess your data, such as SWOT analysis, PESTEL analysis, risk matrix, or scenario planning. The goal is to understand how each risk relates to your brand objectives, values, and positioning, and how likely and severe it is. Analyzing your data will help you determine which risks are relevant and significant for your brand, and which ones are negligible or manageable.

3 Prioritize your actions

The third step is to prioritize your actions based on the level of urgency and importance of each risk. You can use different criteria and strategies to prioritize your actions, such as the Eisenhower matrix, the MoSCoW method, or the Pareto principle. The goal is to allocate your resources and efforts to the most critical and impactful risks, and to decide whether to avoid, reduce, transfer, or accept them. Prioritizing your actions will help you create a realistic and effective risk management plan that aligns with your brand goals and capabilities.

4 Monitor your outcomes

The final step is to monitor your outcomes and evaluate the effectiveness of your risk management plan. This means tracking and measuring your key performance indicators, such as brand awareness, reputation, loyalty, sales, or market share. You can use different tools and techniques to monitor your outcomes, such as dashboards, reports, surveys, audits, or feedback loops. Monitoring your outcomes will help you identify any gaps or changes in your risk environment, and adjust your plan accordingly.

5 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?