Brand Reputation - More Important than Ever!

Brand reputation means how your brand is perceived by your customers, stakeholders and the market as a whole. It is the thoughts and emotions that your customers are experiencing throughout the customer service process when purchasing products and services.

A favourable brand reputation is a great sign of the trust that your customers have in your brand and the customers’ great feeling of pride when purchasing your products/services. Brand reputation is undoubtedly a must have intangible asset for every organisation.

Over the last decade, technology has tremendously changed the way we think of and perceive brands. It has allowed us instant access to every minute details just by one click. Furthermore, with the help of mobile technology we can embrace social media and digital marketing which although making our life significantly easier, has some other perils to it.

In the past customers could only experience a brand by physically visiting the store and making a purchase. Whereas now, and almost instantaneously brands are present on social media offering promotions and online shopping opportunities.

Initially the feedback on purchased goods and the customer service experience was given on a one to one basis, but now this feedback is visible to the entire world. Hence, brands need to be extremely cautious with all of their expressions as they can directly affect and damage their reputation in their customer minds and the marketplace.

Even a small error can be visible to the entire world and by a single tweet or comment on Instagram, Facebook, LinkedIn or any other relevant platform by an unhappy customer, this can have a detrimental affect on your business.

As the Internet has become the most powerful medium for gathering information with various search engines and the transparency that comes along with it, the concept of online reputation management has significantly risen in order to sustain and maintain brand reputation in the virtual world.

Brand managers and executives should be proactive with their customer with every online expression posted, including Ads, their PR strategy and all other marketing tools relevant to the brand. It is highly recommended that you provide proper training to your employees to maintain brand reputation. Your company must have a holistic approach and focus on long-term ROI rather than short-term profit and cash-flow to uphold and elevate your brand reputation.

Online social media and digital marketing is a blessing for marketeers as well as a curse in cases such as trolling, fake identities and infringement. However, it is crucial for your brand to remain focused to its objectives of quality, excellent customer service, unique post-purchase experience and being customer-centric. And in any case of unforeseen issues or circumstances, the brand managers and executives need to come together, be agile and proactive in solving them and maintaining a positive brand reputation.

7 reasons why Brand Reputation is crucial for any company:

Trust

Building a strong and positive Brand Reputation will allow you to generate trust in the minds of your existing and potential customers. Furthermore, customers are more likely to purchase goods and services from a brand that is well known in the market and trusted by people in their social circles.

Customer Loyalty

By increasing the level of trust amongst your customers and the good reputation of the brand in the market, your customers will remain loyal to your brand. Therefore, purchasing of your products and services will increase rather than customers going for offerings by your competitors regardless of the discounted packages and reduced prices. This way your brand can also demand a premium price for high quality products.

Increased Sales

Brand reputation is the company’s most beneficial asset. It helps gaining the trust and loyalty of customers through its consistent efforts of maintaining quality and service levels. However, it also gives rise to your company’s tangible assets like increased sales and profits while the brand carves a niche for itself in the market.

Competitive Advantage

If you develop a good brand reputation you can enjoy multiple benefits. One of the most important is having a strong advantage in the market amidst the ever-growing competition because customers always believe in and purchase from brands that have a positive standing in the market and are well known amongst their family and friends.

Word of Mouth

Your customers are the best brand ambassadors for your company. If they are satisfied and happy with the brand they are likely to recommend it to their social circle, therefore resulting in your brand reputation increasing. In essence greater brand reputation equals greater sales and profits.

Business Expansion

A strong and positive brand reputation gives an impetus to the confidence of your management team to expand the operations of your company by tapping new markets on domestic as well as international levels, whilst also expanding the product line and offerings.

Employee Retention

As your customers want to be associated with a brand that has a good reputation in the market, likewise your employees want to be linked with a brand that is stable and has a strong brand image in the industry.

 

From maintaining your products quality and providing unique customer service, your brand reputation can also be maintained and elevated by initiating various Corporate Social Responsibilities activities. Your brand reputation is a result of everything your company does in the market for your customers.

Furthermore, your brand reputation is your compass that will bring multiple benefits and metrics for your company and will make it survive, thrive and sustain the market amidst the cut-throat competition and ever-changing business cycles.

 

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