How much control and authority you have in your Industry, depends largely on the power your brand name commands. Your brand name is one of the most priceless assets you own. Your brand name is only as good as your reputation. It can lend credibility, not just to the assurance of quality and proficiency of your product, but to the value of the intangibles associated with your brand. Your brand name is only as powerful as the feelings that customers get upon the consumption, mention of, or even thought of your brand. This is why you must nurture a positive reputation.
Now that you have your product, you want to get word out to your target audience; you want to create awareness. This is where your marketing communication strategy comes in; and among your top marcomms objectives will be to establish a strong brand name and reputation. A strong brand name and good reputation are intangible, valuable assets for your business; and for the long-term success of the company, you want to communicate this value to your customers. Brand value comes down to distinction; your ability to stand out among your competitors. What are you promising that others are not doing or doing right?
Whereas your business reputation takes effort, time and money to build, it can be shattered in a matter of minutes. In view of this, “it stands to reason that only through carefully considering every aspect of your business can you begin to build something outstanding which will grow for many years. It’s vital for any brand, regardless of size and industry, to make it a priority to protect their reputation and work continuously to improve it, taking into various factors. It’s not impossible, though, to create a winning formula”(deloitte.wsj.com/riskandcompliance/2016/09/19/protecting-brand-and-reputation-getting-it-right-from-the-get-go/). Guard your brand name with all diligence; let it produce advocates who will bless you with goodwill, profitable business and referrals, while you increase perceived value.