High technologies are coming into all the spheres of our life, changing work strategies in many areas. In particular, the digital transformation of a brand is an approach to business task solutions relying on digital technologies, process automation, and the implementation of new business models.
It is not a rare situation in the market when the advertising campaign is chosen, the team is doing its best, but sales remain very low. All people are in their places, their qualification is doubtless, but the tasks stay unaccomplished. This situation requires a detailed analysis of the brand. Brand analysis is a thorough audit of the brand position among similar competitors’ offers and the attitude of consumers towards this brand.
The brand analysis begins with the study of existing market offers, i.e. products and services of similar type and purpose. The trading strategy calls it a competitor analysis which includes investigating the major market players’ strategies. Such analysis shall result in a detailed plan of a stable competitive proposal.
Each business strategy has a specific goal. The promotion strategy efficiency analysis is to find this goal and determine the most effective methods to achieve it.
The essence of the analysis is as follows:
· defining the specific goal (increase sales, attract the audience, etc.);
· determining the budget (monthly, annual, final);
· work efficiency analysis of structural subdivisions;
· revealing the “weak link”;
· finding solutions to increase efficiency.
Besides successful marketing activities, a brand must be recognizable. Consumers choose a product for its useful properties required by a specific audience. Creating a complex set of exclusive brand features is called brand identity development. Primarily, brand identity includes the features of a product or service not available in the products offered by the competitors.
As a rule, after conducting the complex audit of the position of a brand, the senior analyst develops a set of recommendations on refinements and improvements. Depending on the identified market problems, refinements may relate to the product style, its individual characteristics, method of presentation to the audience, or advantages over analogues.