“Your brand name is only as good as your reputation.” -Richard Branson.
If you want your potential customers to be drawn to your company, focus on reputation marketing. One of the most challenging tasks for newly-emerging and well-established companies is developing a brand reputation that reflects trust, understanding, honesty, reliability, and authenticity.
While companies spend their entire lifespans developing a reputation that helps them plant their feet firmly on the ground, it only takes a brief period or a couple of successive mistakes to completely taint and destroy a brand’s name and reputation. Therefore, if you’re looking to ensure your company’s long-term survival and growth, you must focus on reputation marketing. Here’s what you need to know.
What is Reputation Marketing?
The term reputation marketing is relatively new, and is an amalgamation of two other well-known and related fields; brand marketing and reputation management.
By definition, reputation marketing is a company’s marketing strategy designed to encourage, collect, and promote real-time consumer reviews, positive testimonials, and online ratings to create an attractive brand reputation for its potential consumers.
As an example, when a company displays positive user-generated content on its website, it is using reputation marketing to encourage more sales, clicks, and reviews.
How Can a Company Benefit from Reputation Marketing?
Some of the ways a company can benefit from investing in reputation marketing are as follows:
- Your customers will be less likely to do business with another competing brand
- Potential customers will be encouraged to give your products and services a shot
- Your overall market share, customer base, and annual sales will increase faster, resulting in your company achieving its goals in a shorter period
- Helps improve your company’s search engine rankings
- Is a highly cost-effective marketing tactic
- Helps develop your brand’s image and improve its overall reputation