A brand audit is a detailed assessment of a brand’s current ranking in the market compared to other competitors. It provides information on how the business is performing in the market. A brand audit also aims at examining the image and reputation of the brand as perceived by customers. The two key elements of brand audit are brand inventory and brand exploratory. Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory aspect of auditing under the customer-based brand equity (CBBE) model.
Customer- Based Brand Equity (CBBE) Model
Building and enhancing a strong brand has been found to have profitable rewards in business, it has therefore become a prime priority for many firms. Customer-base brand equity (CBBE) is a model that is being adopted by many organizations in order to build strong brands that can compete with the other ones in the market. The model outlines the four steps that should be followed in building a strong brand. The first step involves the establishment of appropriate brand identity, which includes enhancing customer awareness of the brand.
The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers. The third step involves invoking positive brand response while the fourth one involves engaging the customers so as to build a brand affiliation aimed at enhancing active brand loyalty. However, some building blocks are requisite in order to achieve these steps. These include salience of the brand, its performance, the imagery in it, judgments leveled against it, the feelings invoked by it and its resonance in the market. Brand resonance is the most important building block that occurs after all the other blocks have been established. At this point, customers are able to express a high level of loyalty to the brand and they may go a step further in sharing their experience with others about it, hence increasing the number of customers (Grover & Vriens 2006, p. 98).
In order to create a brand identity, brand salience is a prerequisite. Brand salience is related to the aspects of brand awareness. It involves the ability of the customers to remember and identify the brand. In a broader sense, brand awareness seeks to ensure that customers understand their specific needs that are satiated by the brand. Salience forms three important functions that serve as the basic foundation in creating brand equity. To begin with, salience helps to form and strengthen brand connection, which in turn builds the brand image that gives it meaning.
Salience also enhances the chances of the brand being among the set that is to be considered for...