Wednesday, November 23, 2022
Living in a digital era where a trending topic reaches a multitude of people within seconds, how to increase the market value of brands is a question that plays a pivotal role in deciding the fate of your business. A single wrong step can reach the masses and create lasting impacts on your organizational profits.
Let’s understand it with an example,
In 2017, Uber chose to stay out of the one-hour protest against the US president’s decision of banning Muslims from entering the country. As a result, a number of Uber customers deleted their accounts from the platform and started shifting to a competitor brand, Lyft. Lyft experienced a hike in its revenue, while on the other hand, Uber’s profits dropped that year.
Today, with the advancements in digital media, customers want to stay updated with a brand and its brand management techniques, they choose to buy from. From social media to company profiles, information is available and disseminated more quickly than we can imagine. Consequently, how to increase the market value of a brand becomes important for entrepreneurial success.
But before that, what exactly is brand reputation? How can we define it? And what are the brand management techniques? In this article, we will dig deeper into the concept of brand reputation and the online business tips that can substantially improve your market value.
In simple terms, brand reputation is the way your audience perceives you. Several factors can affect your brand reputation in the market. For example, customer reviews, the quality of your products or services, marketing, public relations, etc. create a lasting impression on the way people view your brand.
Imagine you are a customer. Now, ask yourself: Have you ever bought from a brand with poor brand reviews and social media presence? It is unlikely for someone to spend their hard-earned money on a brand that is not trustworthy. Brand reputation does the same for your brand. A positive brand image makes your company more credible among your audience.
In a highly competitive environment, the brand image is not only restricted to the quality of the product and the consumer experience that you offer. However, it involves a wide array of factors like social media presence, online reviews, how you treat your employees, etc. For example, Twitter recently faced severe criticism for firing almost 50% of its staff.
Brands with strong market images enjoy a better market value in multifarious ways:
Trust plays an indispensable role in attracting sales and revenue. Businesses with a positive market value are viewed as more trustable by their prospective customers than those with an unreliable business image. Furthermore, in case of unprecedented mishaps, these brands are viewed as more responsible and capable of resolving their customers’ problems. Customers are also more willing to support brands with better credibility. Also, trustworthy organizations are more likely to get repeated purchases and recommendations from their customers, ensuring a surge in revenues.
A company with a better brand reputation attracts more people to work, which gives you a choice to select the most diligent and efficient personnel. When candidates trust your brand they are more eager to work with you. However, brands that do not respect their employees and have a poor market image, have to settle with mediocre candidates, which discretely impacts their growth. Product quality also suffers a great deal with a non-performing team.
A business that is perceived positively by its audience can maintain a position in a competitive market. Customers are more likely to buy from a company that is reliable and trustworthy. Moreover, these brands also receive better support from external sources like investors, who can envision a growth potential with these businesses. In addition, they attract more skilled candidates to work for them.
Organizations that are more credible in the market have loyal customers. They make repeated purchases and recommend the company through word of mouth, which functions as an asset for the brand. When there is trust among the public, it is willing to invest its money in your product rather than waste it on a brand with an unreliable market image (even though you offer it at a premium price), signifying that improving profits becomes easier with a better business reputation. For example, iPhone users are very unlikely to switch to other mobile brands despite their high prices.
Statistics suggest that almost 65% of a brand’s business comes from repeat buyers. And consumers do not hesitate to make repeated purchases from reputable organizations. Furthermore, word of mouth is a great way for your products to get marketed both online and offline. It is more trustworthy for your prospective consumers. Brands with exceptional market reputations enjoy this benefit when people recommend their products to their friends and relatives because of the satisfactory experience they had with the company. On the other hand, many companies with poor reputations do not receive recommendations or repeated purchases despite the good quality of their products.
Running a business and taking it to propitious heights is a process. It does not happen overnight. You are required to critically analyze the actions you take and implement changes over time for them to succeed. Similarly, improving your market reputation is also a process. It requires you to answer how to increase the market value of your brand. To understand whether you have a positive reputation in the market or not, you must ask yourself questions like:
1. What is your social media presence? – You must analyze your social media i.e. are people engaging with your brand, are they willing to follow you, and are they willing to share your content? A major part of your brand reputation is connected with social media. It allows you to create trust among your audience.
2. How are people perceiving your brand? – It’s important to pay attention to how people are engaging with your brand. Are they mostly positive, neutral, or negative about you? Customers can make or break your repo, so it is crucial to keep a constant check.
3. Are your employees talking well about you? – Employee satisfaction also plays a pivotal role in deciding your brand’s reputation. You should also keep a close check on how your staff talks about you both online and offline.
4. Are people giving you positive reviews? – Check the reviews you receive on your brand and Google to understand how people view you as a company. If it does not satisfy you, opt for online business tips to improve your brand reputation.
Impactful brand management techniques can help answer how to increase the market value of brands. There are several other ways to better your market reputation. On the other hand, many brands even take help from professional brand management solutions from companies.
Here are some of the ways to increase the market value of brands:
1. Be more responsive to your customers: Mistakes can happen in any business but resolving those mishaps is an important part of building your brand reputation. As a business holder, you must be more responsive toward your customers’ problems and you must know how to suggest appropriate solutions. This furthermore gives an impression of your responsibility towards your audience. You must keep a track of the reviews you receive for your business in order to make sure that you are fast with the solutions. Deleting negative comments and reviews are often frowned upon when you are intending to maintain a positive brand reputation.
2. Treat your employees right: As mentioned earlier, your employees also constitute a significant part of your brand reputation. Facebook, after recently firing thousands of its workers, is being viewed with negative eyes. Consequently, you must focus on how to offer your employees the best working conditions where they are not harassed, overburdened, or under-compensated, to ensure that they are happy while working with you. When your workers are satisfied, they talk positively about you, which indirectly results in improving the business image.
3. Your Actions Speak Louder Than Your Words: One of the simplest ways of improving your market reputation is by staying true to your words. Many brands make the mistake of saying much more than they can offer. Make sure you are not overpromising your customer. Pay more attention to the quality of services or products that you provide. Trust us, things get noticed in the modern digital era. So staying loyal and faithful to your customers will work like a charm for you in the long term.
4. Don’t Get Overconfident, Always Look For Ways for Improvement: Today’s competitive market requires you to be consistent. Even a single advert that hurts human sentiments or a detailed review on LinkedIn can be the cause of a failed reputation on the internet. It is crucial to ensure that you always look for ways to improve your customers’ experience. Don’t just focus on selling, also gather feedback from your audience. They can drastically help you improve your products and services.
5. Use professional Brand Management Techniques: Many brands also take help from professional companies that aid them in improving their brand reputation in the market. These brands use tools and techniques that track your brand on several social media platforms to take adequate action when something suspicious takes place online. These tools also help you protect your content on social media platforms like Instagram or Facebook. Furthermore, they facilitate the process of taking down content that might impact your image negatively.
In an excessively competitive entrepreneurial world, maintaining a positive market reputation has become indispensable. Several factors like customer experience, social media presence, quality of products, etc. are pivotal in deciding how your business will be perceived by your audience. In order to understand if you have a good market image, it is crucial to analyze your market presence and take appropriate actions to improve it.
There will always be people who will negatively view your company, but it’s important to pay attention to the mistakes you might be committing that affect your image. Keeping your employees satisfied, offering exceptional services, and showing your commitment towards your brand, are some easy ways to manage your brand reputation to enjoy a better market value and yield better profits.
Using the professional brand management services of Bytescare can also aid in providing you with solutions to your brand reputation. We offer exceptional brand management services that can help improve your market value and increase your revenues significantly. With the help of our professional tools, we ensure that nothing on the internet impacts your market image. At Bytescare, you can get phishing URL detection, social media impersonation, brand infringement identification, and other services. Explore what are our brand management techniques here.