Basically, it enables you to have more informed insights about your own business and the wider marketplace. It can help you identify how your customers and potential customers view your business and how you can identify gaps in customer expectations and satisfaction. It also helps you make calculated decisions, thus minimising risk, with any strategic changes you may have for the business.
To begin with, there are a few structural things you need to have in place:
Are the core brand elements present?
At the core of every brand sits a vision along with a mission statement that is used by a company to explain, in simple and concise terms, its core purpose for existing. The mission statement is usually one sentence or a short paragraph, explaining its culture, core values, and ethics. The culture, core values and ethics should be embedded into the DNA of a company. These are a set of beliefs and guiding principles upon which your business and its behaviours are based. In most cases, the vision may never be achieved as it is aspirational. It’s a statement that captures, in writing, the essence of where you want to take your business, and how you can inspire you and your staff to reach your goals. In contrast your mission statement defines what your organisation is, why it exists, its reason for being. Fundamentally, it is the challenge you set out to solve in the first place.
What are the 5 things I need to have next?
Let’s be honest, this takes time. In order to do it right you need to give it the respect it deserves. After all you want this business to be there for the rest of your working life. Basically, there are the five elements of research that you need to undertake and these are:
- SWOT Analysis
- Stakeholder Analysis
- Materiality Analysis
- Brand Positioning
- Developing a Business Strategy