Identify your Brand Strengths and Weaknesses

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Your company’s reputation is built on your brand. A well-known and well-liked brand is crucial in today’s highly competitive marketplace. A clear understanding of your company’s strengths, and weaknesses, is an important part of building and maintaining coveted brand strength.

Your brand strengths are the added value you provide to your customers. Your strengths are your unique competencies and competitive advantages. In other words, your company’s best qualities.

Brand weaknesses are internal issues that can negatively impact your business and make you less competitive in the marketplace. These are your limitations on your success. For example, a lack of buyer personas, buyer journeys, or customer data.

Asking the right questions will help you to assess your brand’s strengths, weaknesses and provide insights that you can use to improve your marketing and sales strategies.

Four Questions to Ask Your Brand About Its Strengths and Weaknesses

The first step to optimizing your brand strengths and positioning them for success is identifying them. These strengths will help you ensure that your organization is moving positively. You should also regularly assess your brand strengths to ensure they are still relevant.

It might be easier and more affirming to identify your brand strengths. Be honest about your brand’s weaknesses. It is not enough to look at customer complaints. To see the entire picture, from customer service to product quality to your core values, you must look deeper. Unwillingness to admit its mistakes can be a major hindrance to a company’s vision.

These four questions are a good place to start when understanding your brand’s strengths or weaknesses:

What does your target audience think of your brand in the marketplace?

Businesses can now virtually monitor their brand perceptions through social media conversations and blog comments. These conversations are less about quantity but more about feeling. They can give valuable insight into your audience’s opinions about your products and services and where improvements could be made.

What is your company’s financial performance in key areas?

Continuous revenue growth can signify that you have a strong market position, but it is important to look deeper into these numbers. For example, how much revenue growth comes from new customers and upsells to customers? This can help you determine if prospects need to be educated more about your market differentiation or if current customers need better after-purchase communications.

Are you able to tell a compelling and clear story about your company?

Businesses must fight harder to reach their target audience as the digital market becomes more competitive. They must communicate the right messages when they are able. Your brand story must be at the forefront of your marketing strategy, from your company’s mission and your processes.

Talking to customers is one of the most important steps in brand story creation. Talking to your customers will give you insight into why they chose you over other candidates and provide feedback about areas that need improvement. This is a win-win situation. Even if you have conducted interviews before, you will want to revisit buyer personas regularly to make sure they are still compatible with your products/services and the future direction of the brand.

Are you able to create a consistent visual brand identity?

The same applies to visual elements. The consistency of colours, fonts, imagery, and messaging across customer touchpoints (from your website to digital ads to social media) creates a consistent brand experience that your target audience can easily recognise and trust.

Clearly defined brand guidelines support these efforts. You’ll be able to establish visual standards and rules that will help you keep your brand consistent across all channels. Brand guidelines, like buyer personas, are constantly changing. They should be reviewed regularly to keep them current.

 

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