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Companies will often discount the role that their reputation can have on their business. They will turn to certain industries such as the airlines where every airline has a poor reputation but customers still use the airlines and decide on the airline that they will take based on the price of the flight rather than the reputation of the airline. The importance of your business reputation is certainly impacted by the industry that your business is in with certain industries having a significantly bigger impact than others do, the reputation of your business certainly does matter and has a significant impact on the success of your business overall.
The reputation of a business is one of the first considerations that a person will consider before they decide whether or not to purchase from you. One of the first stops that are made is the internet where a person will research reviews on the business and possibly check a site like the better business bureau in order to see the overall opinion of the business online and the volume of complaints that are levied against the company. While positive reviews and comments re commonly taken with a grain of salt, negative reviews are often thought to be disastrous for a business particularly when charges of dishonorable business practices are accused. These types of accusations will often lead potential customers to turn towards competitors and can significantly eat into a company’s profit margins and overall earnings. Bad reputations can significantly limit a company’s ability to succeed in the market. High quality business reputation management service can halp a brand to overcome crisis and create an atmosphere of trust around it.
A positive reputation can have the inverse impact. Not only will customers be attracted towards businesses that have a positive standing with its customers but these happy and pleased customers will often do the marketing for the company. Happy customers will recommend the products to their friends and family members and post their pleasure in regards to the company online. Overall this will decrease the amount of money that a company will need to invest in advertising and marketing in order to keep their business going. In addition, it can allow a company to charge a higher price for their products and to earn a higher profit margin if the company’s reputation brings them to the point of being perceived as a better product than those offered by their competition.
Customers are not the only ones who are impacted by a brand reputation. A company can more easily attract top talent in the industry if it has a better reputation overall and is thought of as a leader in the market. Employees flock to brands with good reputations as it acts as a positive on their resume and helps them to develop pride in their career and job.
If a company with a good reputation is seeking money to help finance expansion then a lender is more likely to lend money to a company with a good reputation than a bad reputation as the bad reputation is typically seen as a risk for the future prosperity of the company. Bad reputations have a way of catching up to a company as soon as a similarly priced product enters the market and lenders are fearful of future shifts in the operations of a business.
Overall, the maintenance and improvement in a brand reputation is therefore an essential part of running a business and needs to be a critical component of a company’s strategy in order to succeed in the market. A company should work hard to repair its reputation when it is perceived negatively in the market and work to maintain and improve it to whatever extent possible.