According to brand reputation studies, companies are at risk of losing over one-fifth of their turnover to one single link damaging their reputation. Indeed, over 9 in 10 entrepreneurs agree that reputation management is instrumental to success.
In other words, it doesn’t matter how much your company invests in product development or customer service. If the reputation is compromised, the business is unlikely to be successful. A reputational crisis could lead to the collapse of your business! Take the example of Theranos, the company founded in 2003 to encourage fast and cheap blood testing. Failure to update the public on the lack of progress created a reputational issue, leading to the collapse of the $9 billion company in 2015. Honesty is, of course, at the heart of reputation management. But there are other essential strategies you can deploy to protect and grow your reputation.
Your employees are your best asset
Your business culture plays a vital role in managing the brand reputation. Indeed, your employees can help promote the business values and defend the brand. When employees don’t believe in the business, it is fair to say that they will be the first to denounce issues and expose them to the public. Consequently, developing a positive culture inside the business must take priority over promoting the brand to the market. This can include focusing on employees’ wellbeing, ensuring fair and constant work and contribution recognition, and supporting your team through their career choices and interests.
Focus on your visitors
Visitors to your business often spend some time in the reception area, where they wait until a meeting room is available or until someone is ready to welcome them. Whether they come for a job interview or they are potential partners, your visitors are likely to make up their opinion of your brand within the first few minutes. Therefore, it is crucial to create a comfortable and engaging reception area that informs them about the brand value. It can be a good idea to invest in an entertainment system, such as this TV network here, especially if you are worried about long wait times. Additionally, the presence of cultural highlights, such as business awards and press releases, can also paint a positive image of your business.
Remember to add a refreshment point, such as a water cooler or a coffee vending machine.
Monitor the market opinion
What do people think about your brand? The recent events in Ukraine have made brands aware of how quickly public opinions can change. Buyers have announced their desire to stop shopping from brands that have remained in Russia. It is hard to tell whether they will boycott brands in the long term. However, the social media backlash is undeniable. Brands that have been too slow to show their support to Ukraine are likely to struggle with a negative image.
Therefore, it is vital for brands to keep track of what is happening in the world and what is being said about them. Social media monitoring is a no-brainer. But keeping an eye on the news will also influence decisions and protect your brand.
Can you dictate what people should think about your brand? No. But you can take measures to build and protect a positive brand image through your team investment, reception area, and public monitoring.
