In today’s digital age, conversations about your company can occur at any time of the day. Focusing on your brand’s reputation will keep you one step ahead of your competitors and will guarantee your company’s success in the competitive markets we find ourselves in today.
But… how do you build brand reputation? And what are the benefits of investing in brand reputation?
What is Brand Reputation?
The definition of brand reputation is the interpretation customers have of your company based on what they see, hear, or experience firsthand. Paying attention to news articles, blog posts, and social media are all important factors that require attention to not only achieve a positive brand reputation but also maintain it.
Brand reputation is especially important for companies engaging in partner sales. If your partner isn’t a good representative of your brand, everything could be ruined. Whether a customer is typing a negative review or a customer is searching for your competitors online to make a switch, you need to take control of the company’s brand reputation to guarantee its success.
Building a business can take years. Now imagine all that backbreaking work gone in just a few days or less because of a bad reputation rippling through your company.
Who are the brand reputation stakeholders of a business?
Brand stakeholders are individuals who have an interest in your company’s results or outcomes.They play a crucial role in defining success and share a high interest in your company. Understanding and knowing who your stakeholders are can strengthen the brand reputation of your company while also preventing missed business opportunities that can increase more sales and lead towards your company.
Here are all the stakeholders that can impact your brand reputation:
Employees: Employees are essential company stakeholders because they interact directly with your customers. If treated as less than an essential asset, they are less likely to produce high-quality work, leading to poorer services and major losses for your company over time.
Resellers: If other people are selling your product for you, they can have a huge impact on brand perception. They will compete with you for direct sales and because they are selling so many different products, they may not care enough about your product’s reputation unless you invest the time into these teams.
Partners: Both the partners and stakeholders make commitments to achieve similar goals within the company. Not only do they contribute to your company’s business model, but they also create stable work relationships that will help surround you with power players for future business projects.
Shareholders and Investors: Without investors or shareholders, your company will not grow.Guaranteeing them that your company will perform well keeps them tied to your company, meaning they can provide new connections and help promote the positive image of your business.
Board of Directors: This elected group of individuals represents all the stakeholders of your company. Having a supportive Board of Directors team that can address all the needs of your stake holders, can successfully meet its responsibility with your company.
Customers: No business can exist without its customers. They care about the way yourcompany performs and can choose to do business with a competitor before deciding topurchase from you.
Why Brand Reputation is Important
Generating more revenue for your company means maintaining a good reputation that will attract more consumers to your business. It is important to understand and remember that your customers care about your reputation. The pandemic has completely shifted the course for businesses resulting in many having to focus their energy on their online presence.
According to a survey, 87% of consumers read online reviews in 2020, an increase from only81% in 2019. With a simple search, consumers can read your company’s reviews, view your business website, search for other businesses (usually your competitors) to find their best option.
Benefits of brand reputation
While having an effective brand reputation may seem burdensome, there are numerous benefits to investing in reputation. A well-known brand enhances your trustworthiness with customers and the marketplace. As it continues building you will notice the impact it will have on your customers when they choose to purchase from you. They want to buy from companies they can trust. No matter how cheap your competitors offer similar products, you want your customers to always choose you. If your brand exceeds or meets their expectations, you will get that sale.
Brand reputation matters because it helps:
Buildtrust: Be honest and upfront with all your stakeholders—especially if something goeswrong.
Gain loyalty: Having a good reputation and providing a positive experience will make your customers stay. You must work hard at keeping them, so they always come running back to you when they need something in the future. It also costs less to keep a customer than to find anew one!
Increase sales: As your brand reputation grows, you will see an increase in both sales and revenues. This can help you work towards meeting or surpassing your company’s goals.
Increase sales velocity: The more qualified leads you have, the higher the sales opportunities. Paying attention to leads that have a high chance of turning sales into revenue will bring in more profit.
Develop a competitive advantage: When a customer is left with picking you or a competitor and your brand reputation is in greater and higher standards, the customer will choose you.
Increase word of mouth: One single recommendation can have a greater impact on your company to see exponential growth. According to a survey done by Nielson, 92% of consumers trust word of mouth recommendations.
Retain employees: Your employees are your key resource and the quality of employees you have will determine the success or failure of your company. Companies that maintain a strong reputation are ten times more likely to retain talented employees.
Making sure your brand continues to elevate its reputation via its partners is no easy task.