Reputation Building as Risk Management
Morning Consult has a new data set out that is really interesting. This data is about the “Most Loved Brand,” which is casually interesting at the top level but really interesting when you get deep into the data and start to look at how different people view brands differently. I’d recommend you download it and there’s a webinar next week.
I have two flippant responses (fewer than normal) and then one serious observation.
The first flippant response has to do with the fact that the most loved brand is the US Postal Service. This is astounding to me. Look, I’m an admirer of the Post Office. Big picture—they deliver to every address in the country six days a week. They can’t say no. That’s impressive.
At the same time, I never had the sense people loved the postal service. You stand in line for service and it’s dark and maybe the people are nice. That’s in normal times. Add in the absolute chaos that’s going on now—my neighborhood message board has daily complaints about multiple days without mail delivery—and you wonder how they are the most loved.
So, if they are the most loved…why hasn’t there been a stronger backlash to current efforts to starve the Post Office out of existence?
Questions abound.
The second flippancy is related to the fact that Purell is among the most loved brands in suburban America. If there ever was a more perfect, on-the-nose fit than Purell being loved in the suburbs, I do not know what it is. If you tried to make it up, that would be too obvious.
Now, to the real point.
This is fascinating. Here’s the path that Morning Consult identified:
So many companies crawl around on the floor taping cords down in the name of risk management, but active brand management might do more to protect you from risk than anything else.
Loved brands are more successful during normal times.
Loved brands build up loyalty.
During a crisis or downturn, consumers look for the familiar, and those brands prosper even more.
Which means that brand promotion—or reputation management—is an evergreen task for any company. If you want to have the brand there for you when times are bad, you have to be building and maintaining it when times are good. To quote an old canard, you can’t wait until you are thirsty to build a well.
Active Brand Management Protects Companies
Just as importantly, though, is to think about PR and brand reputation as an insurance policy. It’s true in this case—when the pandemic was unexpected—but it also protects or buffers you in times when you might have screwed up. A strong brand is a form of risk management.
So many companies crawl around on the floor taping cords down in the name of risk management, but active brand management might do more to protect you from risk than anything else. Build trust among your key stakeholders…it’s good business now and will be a top asset when things get tough.