The Relationship Between Reputation and Brand
Brand reputation is the determining factor that decides whether consumers will pay and recruits will apply
By | Krishna Athal | www.entrepreneur.com
“I don’t know why you are. I don’t know your company. I don’t know your company’s product. I don’t know what your company stands for. I don’t know your company’s customers. I don’t know your company’s record. I don’t know your company’s reputation. Now, what was it you wanted to sell me?” – McGraw-Hill
The quote is from one of the most famous advertisements in which McGraw-Hill brings forward the thought that a company’s reputation is a requirement for the successful selling of a product or service. Sales must start before the salesperson calls on the would-be customer. That is possible only when the brand has an admirable and first-rate reputation in the market. A brand having a good reputation contributes to the enhancement of its products and services’ value. Likewise, a bad reputation devalues products and services and brings in further decline. Furthermore, if a brand is consistently projecting a lucid image of itself, it is more likely to build a more substantial reputation and be remembered in the future.
Brand reputation is the determining factor that decides whether consumers will pay and recruits will apply. A poor and weak reputation will negatively affect a company, while on the other hand, a good reputation will help a company both operationally and financially. In contrast to corporate image, brand reputation is owned by the public.
Reputational strategy
Whether the reputation of the brand will be strong or weak will depend on the quality of the strategic model adopted. As the profession of public relations moves more and more toward being a reputation-managing function within organizations and is less often considered an exclusive part of the marketing mix, strategizing becomes an increasingly important tool for brands.
