Hi everyone! Junior Copywriter Caitlin Sherman here stepping in for Dave this week, who’s busy setting up the new Harrisonburg location of the Texas Inn.
Joan Jett & The Blackhearts famously sang, “I don’t give a damn ‘bout my reputation.” I disagree. Your reputation should be number one on your list. Your personal reputation is important. Your professional reputation is even more important. Your reputation is more than the product or service you’re known for. It’s how you treat your customers and what you stand for. A good brand reputation affects every aspect of your business and comes with many advantages, some of which can help your brand or business bounce back after a big slip-up.
Trust is one word worth millions of dollars. According to one source, 61% of consumers will advocate for brands they fully trust, and 43% will remain loyal to them. Retail businesswoman and television personality Martha Stewart built her lifestyle brand consisting of cookbooks, cookware, and more home goods. But her brand’s reputation suffered significantly in 2004 when she was found guilty in her stock trading case. As we all probably know, her business did survive the scandal. She shared the reasons with Oprah in an interview stating both the brand’s partners and consumers stuck around to see the scandal out. Now, she’s writing her 100th book, has a fashion line, and has developed a popular business partnership and friendship with the one and only Snoop Dogg (who also has plenty of experience with reputation rehabilitation). Without established trust or redefined credibility, who is going to back your business? I’ll give you a hint: NO ONE.
There’s no quick fix for re-establishing your positive position in the marketplace and the minds of your consumers, but you do need to act quickly to defend your image from even more damage. So if you find your reputation taking a trip to the gutter, it might be time for a rebrand. And who knows? The new “you” can bring new, exciting opportunities.