Corporate reputation is currently considered as part of business assets. Many organizations and their managers have understood that it is important to capitalize on this intangible asset in order to obtain greater profitability and position themselves appropriately in accordance with their stakeholders.
We see with increasing frequency that reputation receives more attention today and what we say, do and what others think about us are the elements that constantly shape our corporate reputation, as well as the perception that audiences have about our brand .
According to the study “The State of Corporate Reputation in 2020”, prepared by Weber Shandwick, reputation represents 63% of the market value of a brand and contributes significantly to the success of a company and 58% of the value of a company is attributed to the reputation of the CEO.
Corporate reputation is perceived as an umbrella that protects the corporate advantage of companies in a way that allows:
Increase market share: The development of brand equity provides a competitive advantage in the market. It is important that it stands out and is attractive to customers through unique sales pitches and distinctive positioning so that the customer can remember your brand, which in turn will create greater chances of acquiring your product.
Charge a higher price price: With a better brand value it is possible that organizations can charge more for a product or service and increase the percentage, above the average of what the market offers. It is important to note that this action can help measure the financial performance of your product.
Highest influence: Brand equity will also allow you to create new alliances, get better prices on your supplies, or negotiate with other major brands. This can lead to partnerships, business initiatives, or investment opportunities that are not available to other companies.
Expand product lines: High brand equity helps your customers follow your business and be the first to try your newest products or services. In this way you can ask your customer community to test the products in a development stage, have their opinion or also launch them directly to the market for them to buy.
An example of the importance of the value of brands is that despite the 8.2% contraction of GDP in Mexico during 2020, it was higher than the regional average, leading the index of the most valuable, in such a way that Mexican brands now represent 45.3% of the total value, an increase of more than three percentage points compared to the previous year.
This listing showed Like Corona, the beer brand continues to lead the ranking of the most valuable Mexican brands, with an estimated value of approximately US $ 5.82 billion, followed by the oil company Pemex and Claro that they were placed in the second and the third position, respectively.
Managing the brand of an organization is a complex task that involves interdisciplinary work in order to strategically plan the performance of the brand in the different scenarios where it interacts.