What the Most Successful Business People Know About Brand Reputation

Brands like Apple are known to create products that make life easier for people. This is why they keep on releasing different products and making good sales on them. People know that these newer products would have updated features that would benefit them. That is what it means to have a good brand reputation. 

Brand reputation is such an important aspect of business, and the most successful organisations employ it to gain competitive advantage.

This article will give you an overview of what brand reputation is and how to make the most of it.

WHAT IS BRAND REPUTATION?

A brand includes all the factors that help identify a product, service, or company, distinguishing it from others. It goes beyond the name. It also involves the perception or feeling evoked from its target audience regarding the brand. 

When we hear Nike, we think of fitness, exercise, drive, and healthy living. The brand encompasses all the problems that are solved for its audience and the people who experience them. 

Reputation is the esteem in which people or organizations are placed based on past experiences. It is the opinion people have conceived. As a result, it holds deep meaning, and is usually tricky to turn around when it is bad. 

A bad reputation will certainly soil the image of the brand and affect its sales. Damaging reputation can happen very fast and with little action, while building it can be a daunting task. Still, it is important to take cognizance of the kind of reputation one has, whether brand or personal.

Brand reputation is the perception that has been developed over time about a brand and its operations. It is based on the image built by a brand over a long period of time, and it is a great determinant to brand turnover and acceptance by the target market. A brand with a good reputation usually has a good brand positioning. 

Nowadays, it is easy for a brand to have a bad reputation based on consumer displeasure that may easily spread in the media. This makes it very important for brands to work actively on building and sustaining a good reputation. 

WHY BRAND REPUTATION IS IMPORTANT

The perceived notion people have about a brand can make or mar the brand. A brand reputation is important for many reasons, some of which include: 

1. It enables marketing from users

Word of mouth from people on their perception of a brand is crucial. While a brand may run ads and market its product, the reception of people is important to push the brand forward as most people will likely listen to others’ experience of the brand before going ahead to make a purchase.

Word of mouth is an effective form of marketing a brand or a person. This means people determine the extent to which a brand is successful. 

2. Proper brand reputation helps brands build trust in the mind of consumers

When a brand has been known to deliver optimally, consumers are able to vouch for whatever comes from that brand. People are more likely to purchase from a brand that is reputable than one that doesn’t have a good rep on the market.

3. A good reputation breeds loyalty

When a brand has a good reputation, people want to stick with that brand. And it almost feels like a disservice when they don’t purchase products from that brand or employ its services.

4. It helps to increase sales

A brand with good standing in the eyes of people will have better sales turnover due to the belief people have in them. This belief typically converts to sales.

The ultimate purpose of any brand is to make sales, and also to become widely known. This is mostly achieved through its representation in people’s minds.

Ultimately, a good reputation gives a brand an edge over its competitors.

HOW TO BUILD BRAND REPUTATION

Knowing the importance of having a good reputation is not enough. You equally need to put in active effort towards building, creating, and sustaining this reputation.

Since a brand’s reputation directly affects its growth, it is necessary to know how to build a good one. These steps, if implemented, will help the brand form a good evaluation in the minds of the consumers. 

1. Create a good brand identity.
2. Deliver on your brand promise.
3. Build authenticity. People generally love brands that are original and they can relate with. Authenticity helps infuse life into a brand.
4. Allow criticism.
5. Respond to consumers’ feedback.
6. Improve consumer involvement.
7. Promote inclusivity.
8. Build a great online experience/presence.

CONCLUSION 

Having a great brand reputation is important as it helps turn your brand into one that gets community support and that people can speak for when the need arises. It gives the brand great competitive advantage and ultimately helps it increase its sales turnover. Ignore it at your peril.

Rodiat Ajuwon is a Human Capital Development Enthusiast.