Brand Reputation means how the particular brand of the company is viewed and perceived by the customers, stakeholders, and the market as a whole. It is the culmination of ideas and emotions that a customer associated with the brand with the customer service experienced during the purchase of goods and services, whilst using them, and after-sales services provided by the company.
Brand Reputation is a must have intangible asset for the organization
Over the last decade, technology has bought through tremendous change in the way we think and perceive brands as every minute detail is available on our fingertips with the help of mobile technology that has embraced social media and digital marketing that has made our life a lot easier but has some or other perils to it.
Initially, the brand was experienced by the customers by visiting at the store and indulging in the sales and purchase of goods and services but now with the need of an hour almost every brand is available on social media for promotions and presence in the market plus giving an option to the customers for online shopping.
Earlier the feedback on the products purchased and customer service experienced was given on one-to-one basis but now it is visible to the entire world, hence, the brands need to be more and more cautious with their every expression as it directly affects their reputation in the market and in the minds of the customers.
Even the small error in service can be visible to the entire world by a single tweet by that unhappy customer or a single comment on Instagram, Facebook or any of the online forums related to that specific brand and product.
In order to sustain and maintain the Brand Reputation in the virtual world, there has been a rise in the concept of online reputation management as the internet has become the most powerful medium for information with various search engines and the transparency that comes along with it.
The brand managers need to be proactive with the customers with their every online expression, PR strategy, advertisements, and all other marketing and promotional tools. Even proper training and development needs to be given to the employees to maintain the brand equity and reputation. The company needs to have a holistic approach and think on the long-term basis rather than just the profits to uphold and elevate the Brand Reputation.
Online social media and digital marketing is a blessing as well the curse as there are cases such as trolling, infringement, fake identities, and more but the catch remains that the brand needs to remain planted to its objectives of quality, excellent customer service, best of after sale services, and being customer-centric. And in case of any unforeseen issues and circumstances, the management and brand managers need to be agile and proactive to solve the same maintaining the repute of the brand.
Importance of Brand Reputation:
Having a strong and positive Brand Reputation in the market generates the factor of trust in the minds of existing and prospective customers as they believe that the brand is here to thrive and sustain and fulfill all its promises. Also, the customer always purchases the goods and services from the brand that is well known in the market and within his or her social circle.
2. Customer Loyalty:
With the increased level of trust amongst the customers and the good reputation of the brand in the market, the customers remain loyal to the brand by purchasing the products and services of the firm and not going for the offerings by the competitors in the market despite the discount packages and reduced prices. This way the brand can also demand a premium price
3. Higher Sales
Brand Reputation being the most beneficial intangible asset of the organization gives rise to the tangible asset of the firm that is higher sales and increased profits as the brand has carved a niche for itself in the market plus it has is also gained the trust and loyalty of the customers through its consistent efforts of maintaining the quality and service levels.
4. Competitive Edge
The company that has a good Brand Reputation enjoys multiple benefits and one of them is having an advantage in the market amidst the ever-growing competition as the customers always believe in and go for the brands that have a positive standing in the market and are well-known amongst their friends and family.
5. Word of Mouth
The customers are best brand ambassadors of the company and if they are happy and satisfied with the brand they refer the same to their social circle and with this cycle getting continued and elongated, Brand Reputation of the company not only rises in manifold with the positive word of mouth but also makes the company fulfills its objectives of higher sales and profits.
6. Business Expansion
A good and strong Brand Reputation gives an impetus to the confidence of the management to expand the operations of the firm by tapping new markets on the domestic and international levels and also expand the product line and offerings.
7. Employee Retention
As the customer wants to get associated with the brand that enjoys the good repute in the market, likewise, the employees and workforce want to get linked with the brand that is stable and has a strong reputation in the industry.
Right from maintaining the quality of the products and providing the excellent levels of customer service, the Brand Reputation can also be maintained and elevated by initiating various Corporate Social Responsibilities activities by the organization. It is the result of everything that a brand does in the market for its customers.
Brand Reputation is the compass of the brand that brings in various benefits and merits stated above for the organization and make it survive, thrive, and sustain in the market amidst the cut-throat competition and changing business cycles.