When you have a business, you’re very concerned about its brand reputation. What other people think about the business and its products is important. It’s very similar to the reputation a person has built. The better the reputation of your brand, the more business you receive.
While this may seem like a simple enough concept, a brand’s reputation is a little more complex than that. The Internet plays a significant role in the way a company’s brand reputation is developed online.
What is Brand Reputation
Brand reputation is the perception of the brand and how a specific company’s brand is viewed by customers, stakeholders, and the market altogether. The brand’s reputation is the accumulation of ideas and emotions that customers associate with the brand, the level of customer service provided, the quality of products and services, and more.
When a business has a great brand reputation, it’s able to draw in new customers who trust the brand and what it has to offer.
Finally, brand reputation is an intangible asset for a company. It’s not something you can publish or create from tangible materials.
Technology has had a huge impact on brand reputation in the last decade or so. It’s brought a new level of customer awareness and perception to the brands they use. All a customer has to do is head to their favourite media platform and create a short post that may also include emojis. It’s that fast and easy to create a post and add to a favourable or unfavourable brand image.
This is why brand reputation and the management of that reputation are essential to all organisations doing business.
Why is a Favourable Brand Reputation Essential for a Business?
We briefly covered this in the last section, however, here we’ll do a little deeper into this topic. According to a survey done by Brightlocal, 94% of customers say that their likelihood of frequenting a business increases if it has positive reviews. And others (about 92%, according to the same source), say they may not patronise a business that has a negative reputation. Ouch!
This gives you a good idea about why a favourable brand reputation is essential for your company.
In the following sections, we’ll take a look at the factors that have an impact on your brand reputation and why they’re important.
- Market Trust
Improving your brand’s reputation builds more trust and credibility in the business. A great brand reputation makes your company the brand of choice for current and potential customers. Why is this so beneficial? Market trust reassures customers they can put their trust and faith in your company. They believe your brand is there to provide excellent products & services while offering excellent customer service and aftercare.
- Higher Sales
What business couldn’t benefit from higher sales? When your company has a high brand reputation, the result can be increased sales. While brand reputation is an intangible asset, it can result in quite an essential tangible asset called revenue. When your business has a great brand reputation, you earn higher profits.
Higher sales, however, depend on creating a strong brand reputation for your business. That means being better than the competition to draw more customers to your company. Without a high brand reputation, you can forget to make more money.
- Customer Loyalty
As your business earns a higher trust level and a positive reputation, customers are also more likely to stay loyal to your business. With loyal customers, you can expect them to continually buy products and services from you. This effect is enough to even outdo the incentives offered by the competition, including discount packages and lower prices.
Customer loyalty also boosts brand reputation and requires the company to offer additional products & services at a premium price, along with their current offerings.
- Competitive Edge
With the competition on the market today, the only way to go higher is to develop a great brand reputation. Not only does this build brand trust & credibility, but higher brand reputation also gives your business a competitive edge.
Being on top of the competition means it’s easier to draw in new customers, making your brand claim even a broader share of the market.
- Word of Mouth
Happy customers are one of your company’s best brand assets. This is especially true today, in our digital era. Happy, satisfied customers act as brand ambassadors that are happy to pass on the word about their experience with your business and its products & services. It’s like free advertising for your company!
Not only does this increase brand awareness, but it can also improve sales and revenue over time.
The Best Strategies to Manage Brand Reputation Online
Here are some of the best strategies you can use to manage brand reputation online.
Staying on Top of the Curve
Taking a proactive approach to brand reputation is required today. Brand managers should think ahead of their competitors and the target audience. They also need to remember that making an error can have a drastic impact on the brand’s reputation and do everything necessary to ensure this doesn’t happen.
The best way to deal with a problem is to quickly acknowledge the mistake was made and take a positive stance in resolving the issue as soon as possible. Never take a wait & see attitude, as this can cause a huge drop in brand reputation.
Be Specific About Deliverables
Another way to build a brand reputation is to provide specific information and expectations about deliverables. For instance, provide specific information about shipping & delivery times. And be sure to make customer care contacts easy to find when customers have a problem.
Experts generally recommend under-promising and over-delivering to avoid disappointing customers.
Establish The Company as an Authority
You can also work to establish your company as a brand authority. Let this information be known far and wide, and be specific about what you mean. Using this strategy can catch the attention of your target audience and persuade them to use your company over the competition.
For this strategy to work, it’s essential to ensure your company provides high-quality products and services. And if your products & services have a unique selling point, get the message out and keep it clear. Use this information in full force and complete confidence to establish yourself as an authority in the market. This is a great way to grab the attention of your target audience.
Be Consistent & Assertive
It’s also important to ensure you are consistent and assertive in your message and the products & services your business provides. This is a fast way to build a brand reputation. People will gladly relate to your company in a positive way.
Deliver on Your Promises
This ties in with the previous step about being consistent and assertive. It’s also necessary to deliver on the promises you make. Doing so can have a huge positive impact on your brand’s reputation.
On other hand, not delivering on your promises combined with poor products & services or customer care are quite effective at tearing down your brand reputation.
So, make an effort to deliver on your promises consistently, and your customers will be happy. They’re also going to be happy to spread their positive experience with your business!
Value Customer Feedback
Finally, it’s a good idea to value customer feedback. Feedback has a negative perception for many businesses. However, it can also be the key to building your brand’s reputation. What happens if your products and services are working well for your customers? You guessed it—this is a sure way to tear down brand reputation.
When you receive negative feedback about a product or service, listen to what your customers are saying. Then make every effort to make improvements that get rid of the issues.
Listening to your customers is another essential key when it comes to building brand reputation.
Summing It Up
As competition continues to increase online, it’s essential to build a positive brand reputation. Dong, so ensure your brand is seen over the competition. It can help your business draw in more customers, develop loyal customers, and increase revenues.
And remember, this process takes time. Just be patient and follow the tips in this article, and your company will soon have a positive brand reputation online.
