Reputation is the cornerstone of any successful brand. It's a delicate balance, a dance between building and maintaining. Let's delve into the intricacies of brand reputation, exploring how to construct, nurture, and protect it from potential pitfalls.
Brands are made up of two things:
Product
- Reputation
- Focus on your product, but pay close attention to your reputation
- It takes 20 years to build a reputation and 5 minutes to ruin it. Reputation is easily undone.
- Companies should continually focus on their respective reputations
Brand and Messaging Congruence
One of the most key aspects of brand reputation is consistently saying and, more important, doing the right things.
- Reputation is easily lost and can have an epic domino effect
- Do things differently, continually build a great reputation and don’t lose your way
Growing Market Share and Gaining Customers
People trust companies more than the government
- 58% of people buy or advocate for brands based on their beliefs and values
- 60% choose a place to work based on the values of the company
- 64% invest in the company based on these values
Talent Attraction or Repulsion
When your brand has a good reputation, people naturally want to join.
- However, when a company has a bad reputation, it can repel talent. People won’t apply and the great product you’re developing is more difficult to launch because you don’t have the people needed to build it.
