For example, Volvo is car, and there are plenty of other cars, but when the safety aspect was added, it defined the Volvo brand. Nike is much more than a running shoe, and Coke is much more than a soft drink. They have become brands, and in business brands are valued more than anything else.
Coke enhances your life, and beats all colas in taste tests. It is not because the ingredients are different, but testers are also tasting the logo, the imagery, the commercials and promotions to create an experience.
A brand is a nebulous intangible that displays how the company or person reveals its personality and delivers on its promise.
Some marketing experts explain that branding is the sum total of everything an organization does and stands for, and if they are truly successful at understanding the value of branding, they would appreciate the fact that companies do not own brands, but the consumers do, while companies own trademarks.
Like it or not, we live in a branded world and consumers can form relationships with brands that can be passed to generations.
Successful brands have integrity, they consistently deliver on their promises and that builds trust.
Consumers are happy to pay extra for a brand that consistently delivers on its promises. They are willing to become brand advocates, and it is not uncommon to find cult like followers for brands. It is in the latter stages of the process of brand advocacy, that the consumer-brand relationship is welded together.
The latest industryappears to be growing out of necessity, that is apparently flourishing as the use of the Internet expands. Reputation management is designed primarily to protect the brand name.
Consumers almost always use reputation as a tool to aid in decision making, and brand name comprises a great part of the reputation. Brand name recognition can often precede the company reputation.
Instant publishing ability is now available to everyone. It is also very easy for users to act irresponsibly and abuse the privilege with which they were granted. The majority of your customers may be happy and satisfied, but they may not be inclined to review your product online. However a few disgruntled customers may seem eager to denigrate and publish disparaging comments on reviews sites such as Citysearch, TripAdvisor and Yelp spread the malodor around the social networks.
Many of the review sites and social networks are respected by the search engines, because they publish unbiased user generated information. Any negative information about your company or service published at theses sites is likely to show up at the top of the search results when search queries that relate to your company are entered. You may now be faced with a challenge to your reputation, even though the majority of your customers are happy and satisfied.
There are several ways to face, and methods that can be used effectively to overcome the challenges , before too much damage is done.