As Warren Buffet famously said, “It takes 20 years to build a reputation and five minutes to ruin it.” This quote can very much be applied to a multitude of things, one of those, is your business. This is the essence of brand reputation.

WHAT IS BRAND REPUTATION, EXACTLY?

The perception of a brand held by customers, employees, partners, and others is referred to as BRAND REPUTATION. The greater the brand’s reputation, the more people will trust and advocate for it.

WHY IS IT IMPORTANT?

Brand reputation is one of a company’s most valuable assets, despite its fragility and intangibility. According to The State of Corporate Reputation, 63% of a company’s market worth is directly connected to its reputation, and 87% of executives believe that reputational difficulties are more critical than other strategic concerns.

Supporting a specific product implies that the consumer frequently links themselves with the brand’s reputation. In this day of ‘woke’ culture, consumers usually prefer and will advocate for brands whose values are aligned with theirs.

HOW DO I GET STARTED WITH MANAGING MY BRAND’S REPUTATION?

Interact with your audience – It’s all about understanding how your audience feels about you. Get to know them and what they want by interacting with them.

Be open to feedback, comments and reviews – Any company in existence has to be able to deal with criticism in order to grow, be it positive or negative. Negative feedback is also a given, no company is perfect. It’s all about being transparent with your mistakes, owning up to it, and…

Publicly addressing negative PR – Transparency is key. Trying to hide things only makes things worse. In the digital age, everyone has eyes on your company and can expose you within a matter of minutes. It would be best to address negative criticisms publicly.

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