Reputation as a concept is intangible and, unless carefully managed, can make or break a person or business. You might say ‘but we don't really have a reputation' but we at Max Media believe that wherever there is a perception, there is a reputation and without the careful and constant management of this perception/reputation, a dismal and dramatic end could be a reality.
We are living in the information age and consumers are making decisions faster than ever before as they are more informed. They have heard about the product/service from a friend, read/watched/listened to an article in print, online, blog, vlog, Facebook, via radio or through the constant bombardment of information and advertising we are all subjected to on a daily basis. Not only does reputation push the purchaser to buy, but it will also ensure the longevity of the brand.
This is evident without looking very far back into history. What's happened to brands such as Reebok, Kangol, LA Gear, Swatch, Calvin Klein, Tommy, MG and Rover ? All of these were powerful market leading brands in the '80s and '90s but have stumbled hugely in recent years or have even completely disappeared.
But the '90s weren't unique in this, and even brands that aren't traditionally affected by fashion trends, such as the financial royalty, have been toppling faster than humpty can say ‘dumpty': Lehman Brothers, Bear Stearns, AIG, Merrill Lynch, and even Halifax and Icesave. What has been identified as a reputation ‘stumble rate' could possibly be renamed a more appropriate ‘cardiac arrest rate', as this is how it feels to many of the consumers, brand managers and marketing gurus.
The world economy has changed irreparably over the last few months, and no amount of product placement, quirky advertising or ‘boobs and balloons' will be able to change it. What makes the difference between companies that sink or companies that swim over these rocky seas will be their reputation. This will entail the precise and careful management of this reputation.
It will ultimately come down to the strength of the companies' leaders to prove to consumers that they are safe in their hands. The companies that are successfully able to manage public perception and implement a positive reputation are those that will come out on top.
