Many buyers research reviews before purchasing, examine the company’s CSR initiatives and seek recommendations from family and friends.
Brand reputation management will assist you in checking all of the boxes while increasing your market share. How does the procedure accomplish this?
What is Brand Reputation Management?
Brand reputation management is monitoring how customers view your company and taking deliberate action to improve your brand’s image when necessary. Nowadays, reputation management is about monitoring and safeguarding your brand’s online reputation in places like reviews, social media, and Google.
Constant monitoring of your firm is required for brand reputation management activities. When evaluating your brand reputation, potential customers consider various elements, such as friendliness, trustworthiness, product or service quality, and brand awareness.
The public’s perception of a brand is influenced by their direct or indirect experience with the brand. It includes everything from a brand’s product or service quality to how they treat their consumers and workers.
As a result, controlling brand reputation includes:
- Responding to criticism in public
- Being receptive to feedback
- Allowing all stakeholders to contribute their insights
- Interacting with your audience
According to a Forbes article by reputation management specialist Paul Blanchard, brand reputation is a nexus of forces that customers are influenced by when making a conscious or unconscious choice between brands.
Why is Brand Reputation Important?
So, what is the significance of reputation? Why is it as important as the bottom line in a society where we see companies as amoral, greedy, slightly malevolent creatures to profit their executives and shareholders? What do the emotions of others, many of whom are not even clients, mean to them? There are two elements to this: the straightforward fact that reputation is essential to the bottom line and the more nuanced fact that a brand’s image is tied to its fundamental purpose.
Consumer’s conscious (or unconscious) choices between companies are influenced by a complex set of factors that can be summed up as “reputation.” An automobile buyer may select a manufacturer with a track record of dependability. A perfume buyer may choose a brand with an image of luxury and refinement. A buyer of electronic gadgets may base his or her decision on an image of elegant design and efficient performance.
Online reviews are a crucial component of a brand’s business model. Nearly 40% of customers have grown to reject traditional advertising — knowing the expense in corporate marketing departments — but a majority will accept online peer reviews positively because they are authentic.
Furthermore, buyers constantly seek social awareness in the brands they buy or the businesses from which they acquire services, being a vital characteristic of millennials. For example, many consumers (particularly younger ones) are concerned about environmental and sustainability issues. The usage of palm oil in sweets is now associated with a hazardous connection, as Nestlé learned when Greenpeace spoofed a Kit Kat commercial. BP is currently advocating a low-carbon future to balance the optics of its trade in fossil fuels. Simultaneously, the enormity of the nonrecycled plastics crisis has recently dominated the news narrative. Brands must show an environment-friendly face to the world to attract the lucrative younger generation and groom them as long-term clients.
Benefits of brand reputation management
- Increase sales by developing long-term connections with clients and continually maintaining high quality and service levels.
- Gain a competitive advantage by becoming well-known among clients’ friends and family as a go-to brand.
- Make customers brand ambassadors by encouraging them to share great experiences and word-of-mouth recommendations.
- Impact business expansion by giving management the confidence to enter new markets and extend the company’s operations or product range and offerings.
- Retain employees by being an attractive employer with a good market reputation and with whom people will want to associate themselves professionally.
Resource:
https://brand24.com/blog/what-is-brand-reputation-management/#WhatIsBrandReputationManagement
https://sproutsocial.com/insights/brand-reputation-management/
https://www.forbes.com/sites/forbesagencycouncil/2019/12/27/the-importance-of-brand-reputation-20-years-to-build-five-minutes-to-ruin/?sh=7d5d21ca2e69
https://www.mediatoolkit.com/blog/brand-reputation-monitoring-analysis-management-tools/
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