Your market reputation impacts may be a little new concept to you, but they are related to marketing and branding, and are very important for new ventures.
What are the effects of market reputation, brand awareness and perception
So when we look at market reputation effects, we're really talking about brand awareness and brand awareness customers tend to buy from companies they have a relationship with.
What are the effects of market reputation, brand awareness and perception
So when we look at market reputation effects, we're really talking about brand awareness and brand awareness customers tend to buy from companies they have a relationship with.
The ones we bought before or customers will buy from some referrals, something they know from friends or family or they buy something based on the brand, and what they think the brand, product, and service should include.
See: Entrepreneurship, Creativity and Innovation
How to study to invest your market reputation
Be thoughtful in your investment of money and time in building your market reputation. So when we look at that, we want to be thoughtful as entrepreneurs about the focus we place on building our reputation.
To understand how to align the benefits and values of our company with the interests and aspirations of our clients and in doing so, it helps us to really focus on how to market, where to market, and how to price and make other marketing decisions as well.
So one of the things we want you to consider when bringing a new product to market is that you might benefit from focusing on new customers in new ways.
In this context it gives you the opportunity to educate them about what you do and how you do it and don't necessarily rely on trying to compete head-to-head with competitors.
If you bring a new product to market and build a great brand around that it makes the competition's brand somewhat less relevant or hopefully irrelevant and you're doing something new.
You do something new and you will be known for being that innovative and known for being good at it.
How to determine the dimensions of brand ownership?
When we think about the dimensions of brand ownership it first happens with awareness. It's a bit of a fallacy to think that the best product always wins, the best features always win, or the best price always wins.
I would argue it's the best branding and the best marketing customers can't buy something they're not familiar with I can't buy something I've never heard of.
So, brand awareness is definitely pivotal for entrepreneurs.
Perceived quality is something to think about as well. Perceived quality largely depends on matching or exceeding customer expectations this does not necessarily mean you have a gold plated Mercedes.
It should be everything for everyone, and have every feature you can imagine.
It usually comes at a price that the majority of the market won't be able to afford.
So, when I say quality I don't necessarily mean you have to have the highest quality out there I mean you should have consistent quality, with your price point and consistent with the brand and in line with customer expectations.
We also want to think about brand associations, how do you connect the customer to the brand? In addition to loyalty and what you can do as an entrepreneur to make them belong to the brand and try to maintain this affiliation and this loyalty to your brand.
See: What are The Entrepreneurial Opportunities?
Ways to build brand ownership
So how do you do that? How do you build brand equity? Creating and communicating that image well is definitely essential. Building awareness and familiarity.
Building associations where we have a thoughtful name and logo in the design and packaging, all connected and our business card is similar to our website it looks like our packaging.
In this sense, everything is married together. It's a consistent look and feel. We also want to think of ways to induce loyalty that could be rewards that could be special rates, special access, or other incentives.
Summary
When we think about market reputation, it's hard to appear as an entrepreneur in a startup and compete head-to-head with a competitor who does exactly what he does in the same way he does it but if we are different if we are beginners.
If we can build a unique and distinct brand that might be around different values or around a different set of features than our competitors.
Then we can distinguish better. We can build that reputation, we can scale that reputation and we can think about how to do that affordably and quickly.