Welcome to the online world, a vast platform where you chat, make yourself visible, integrate within a group, and manage to form friends. It may sound natural, but the smallest failure, like a video of you falling from the stairs or a friend showing a funny picture of you to others, can ruin your reputation. The same policy applies to companies. Building a reputation takes a lot of work, but it takes only seconds to ruin it.
Over the years, the concept of politics and government has massively evolved. Earlier, there were mainly two political parties, with one party having a stronger hold over the public. The stronger party would usually stay in power for several years. Today, the times have changed. Numerous political parties contest the elections. In addition, each party has a good chance of winning.
There are innumerable brands in the market. Try to list the top five brands that come to your mind. Now, think about why you remember these brands. Good brand reputation will most likely be the reason. That's the power of a good brand reputation. It helps with brand recall. It also lets you pull in a significant number of customers and win their trust in the long run.
Running your company is the greatest adventure you can embark upon. Each day, you work with some of the biggest clients in the country or see your product loved by innumerable consumers. It all feels like a dream. However, things can change overnight, and you may find your company in a crisis. A crisis can refer to any situation that jeopardises the company you spent years building. It can be internal or external.
Over the years, there have been innumerable brands in the market. However, only a few have survived and become successful. If you look at the case studies of these brands, you will realise most of them have become successful, given their solid reputation. Hence, if you aspire to become a market leader, invest in your brand’s reputation.
Today, the market is overcrowded with innumerable brands. The product/service offerings and pricing of all brands are almost the same. Given this, customers can choose to go with any brand. To survive in such cutthroat competition, you need to develop a distinct competitive edge. A good brand reputation is the strongest card to have in the market competition. It helps pull and keep customers.
After years of hard work, you build your brand. It is a dream come true. You are delighted to see your brand being recognised and generating decent sales. Your brand also builds a good reputation, given your best-in-class offering, value for money, positive work culture, and social responsibility. Everything seems perfect, but you find yourself in a crisis. How to handle brand communication during a crisis?
A good reputation is the key to corporate success. You can attract the best talent and build your dream team. Customers readily buy your product or services. You become market leaders. However, this is only possible if you have a good reputation. But building a good reputation is not easy. It takes years to build a good reputation and only a few hours to fall.
When listing down your company's assets, you mention all tangible assets. But you miss out on listing the intangible assets. Reputation is the most valuable intangible asset you should consider. Your reputation can either make or break your customer base and your sales. It takes years to build a good brand reputation. You should take a step forward to consult reputation management specialists.
Consider this: innumerable companies exist for specific products or services in the market. A few companies stand out and go on to become market leaders. Every company’s offering is the same. What makes the company stand out is its reputation. A good reputation can put your company on the map. Corporate reputation is not built overnight. It takes a well-thought-out strategy and time to build a solid reputation.
