To be able to influence the minds and lives of others you need a reputation; and marketers need to exercise this power as it directly and indirectly affects the business’s 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. But aften, organizations do not realize the need to be concerned about their reputation, offline and online. The lack of this positive content results in low awareness, mistaken connotations, bad publicity or most hard-hittingly a drop in sales. Therefore, through reputation management organizations can now monitor their goodwill, address damaging issues and utilize customer feedback to gain solutions.
The main benefits of a good corporate reputation can be found in
- Customer preference even in a crowded market with similar offerings by strong competition
- Builds word-of-mouth advertising for potential customers
- Ability to command a premium for products and services
- Stakeholder loyalty for the organization in all circumstances
- Organization’s financial valuation
Assessing and shaping equity for L&T
Larsen & Toubro Limited (L&T) a technology, engineering, construction and manufacturing company was keen to have DY Works conduct a brand equity audit with key stakeholders. In-depth interviews and workshops with their customers, financial community, media, prospective employees and existing employees led us to astounding insights that served as an awakening for the brand. While L&T was one of the largest and most respected companies in the Indian private sector, it was regarded as a contractor rather than a nation builder. Our detailed diagnostics across media led us to gaps that needed solutions and could be addressed through a targeted approach. Our strategy involved identifying the brand core and key brand drivers, addressing the information gaps through content, building advertising with visual and cognitive hooks and initiating online conversations as an integral marketing tool. These insights when implemented led to a change in the brand image and perception.