Daniel Langer is the founder and CEO of consulting firm Équité
For luxury brands, in a reality where every detail matters, where competition is relentless and where clients have higher expectations than ever before, there is one meeting that, in my point of view, is critical to assess and recalibrate the trajectory of a brand: a brand audit.
Often overlooked or underutilized, a luxury brand audit — when executed with precision and depth — is a game changer. As one client recently put it, “This was by far the most important meeting we ever had, completely eye-opening.”
Another remarked, “We should have done a meeting like this much earlier.” These sentiments highlight the transformative power of a well-conducted brand audit.
Auditing luxury
A brand audit, at its core, is an in-depth dissection of a brand’s vision, market performance and alignment with client expectations.
When done right, it goes far beyond identifying gaps, often leading to a readjustment of the brand story or its creative expression to resonate with the rapidly changing expectations of luxury clients. In my work with many iconic brands globally, I have seen firsthand how this process can unlock untapped potential and set brands apart in what I often describe as the “sea of sameness.”
A luxury brand’s story is, in essence, an expression of the brand’s core values. While these core values should never change, their expression needs to be regularly assessed as competition evolves fast.
It is critical for brands to be distinct from competitors and create emotional connections with their audiences. Yet, many brands fail to revisit how they stack up versus the competition and to refine their go-to-market strategies regularly.
This is where a brand audit becomes indispensable. By obsessively analyzing the brand’s vision and competitive setup, brands can uncover not only how they are perceived but also how the perception performs against competitors.
In some cases, when I conduct brand audits, this involves reverse-engineering the stories and go-to-market approach of 30 to 40 competing brands to understand their strategies and ensure client-centric differentiation. But it doesn’t stop there.
A robust brand audit should also integrate sophisticated tools to analyze client sentiment. In my case, I also add proprietary insights on the psychology of luxury clients and our extensive research on high-net-worth individuals worldwide.
This approach ensures that every aspect of the brand — its identity, messaging, and positioning — is aligned with the aspirations and expectations of its target audience.
Cost-benefit analysis
One of the most critical outcomes of a brand audit is its role in optimizing storytelling. It allows us to identify gaps versus the brand vision and the competitive set.
What I find regularly is that more than 90 percent of all brand stories analyzed are not client-centric enough and lack differentiation. Not addressed, it will sink a brand in the sea of sameness.
Despite these staggering findings, many luxury brands cling to outdated narratives or fail to adapt to changing client needs. A comprehensive audit provides clarity on where the brand stands today and how its story can be refined to remain relevant and inspiring.
Despite its importance, many brands neglect this process or approach it superficially. In my experience, most brands don’t conduct audits often or deeply enough.
This oversight can lead to missed opportunities and stagnation in an industry where agility and innovation are paramount. To truly harness the power of a brand audit, I recommend that luxury brands undertake this process at least once a year or any time major competitive or client-related changes are happening.
The benefits are undeniable. A well-executed audit not only identifies strengths and weaknesses but also uncovers hidden growth opportunities.
It enables brands to stay ahead of competitors by aligning their strategies with market trends and client expectations. Moreover, regular audits foster internal alignment within organizations.
They provide teams with a clear understanding of the brand’s vision, objectives, and competitive landscape. This shared clarity can invigorate creativity and drive cohesive efforts across all touchpoints — from product development and new monetization strategies to marketing campaigns.
Effective brand audits enable positive revenue and profitability outcomes.
Key takeaway
In times when client expectations are higher than ever, luxury brands cannot afford complacency. Product quality is a given, and the marketplace is saturated with choices, making it imperative for brands to differentiate themselves through authenticity, clarity and relevance.
A brand audit serves as both a diagnostic tool and a strategic roadmap, ensuring that every element of the brand contributes to its long-term success. For those still hesitant about investing in this process, consider this: a brand audit is an investment in your future.
It provides actionable insights that can increase customer loyalty, enhance market positioning, and ultimately higher profitability. Make the time for a brand audit.
Approach it with rigor and an open mind. Challenge assumptions and embrace insights that may initially feel uncomfortable. Because in doing so, you’ll unlock your brand’s true potential — and ensure its place at the pinnacle of luxury for years to come.
Luxury Unfiltered is a weekly column by Daniel Langer. He is the CEO of Équité, a global luxury strategy and creative brand activation firm, where he is the advisor to some of the most iconic luxury brands. He is recognized as a global top-five luxury key opinion leader. He serves as the executive professor of luxury strategy and pricing at Pepperdine University in Malibu and as a professor of luxury at New York University, New York. Dr. Langer has authored best-selling books on luxury management in English and Chinese and is a respected global keynote speaker.
Dr. Langer conducts masterclass management training on various luxury topics around the world. As a luxury expert featured on Bloomberg TV, Financial Times, The New York Times, Forbes, The Economist and others, Mr. Langer holds an MBA and a Ph.D. in luxury management and has received education from Harvard Business School. Follow him on LinkedIn and Instagram, and listen to his Future of Luxury Podcast.