To be able to influence the minds and lives of others, one needs a reputation that inspires trust and admiration. Marketers need to exercise this power judiciously as it can directly and indirectly affects the business’ revenue. Reputation is an overall estimation in which an organization is held by its internal and external stakeholders based on its past performance and future expectations.
Very often, organizations do not realize the need to consciously build their reputation, both offline and online. The lack of this positive engineering results in low awareness, mistaken connotations, bad publicity or, even a drop in sales. Therefore, reputation management is critical in today’s time for organizations to actively build and monitor goodwill, address damaging issues and utilize customer feedback to improve their offering.
A strong reputation allows a brand to:
- Build customer preference even in a crowded marketplace
- Generates word-of-mouth to bring in potential customers
- Ability to command a premium for products and services
- Stakeholder loyalty for the organization in all circumstances
- Reliable asset in the organization’s financial valuation
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