Being a serial entrepreneur, educator, and community changemaker, I know that running a business is hard. My career has been built on building a positive brand that connects people and businesses. My goal is to help other entrepreneurs and their companies learn how to enhance their brand and increase sales.
To know where to begin, we should start with how brands, such as Robinhood, have been dealing with their scandals.
The Robinhood app from the Google Play Store recently came under fire after it announced it would block purchases of stocks from GameStop, AMC, and others made popular by the r/WallStreetBets subreddit. This caused users to give the app one-star reviews on the Google and Apple app stores—and succeeded in review-bombing it down to a one-star rating.
In response, Google deleted nearly 100,000 negative reviews which allowed Robinhood to have a 4-star rating (at the time this article was written) and around 180,000 reviews. But that didn’t stop users from showing their anger—now they’re also calling for a class-action lawsuit.
The negative press and customer outcry are so severe that Robinhood’s reputation and future are in tatters. Robinhood now has to convince traders that trading with them is worth it. Reputations can take years to build but can disappear in an instant.
Think about your own business. Have you had any scandals? If so, how did you deal with them? If not, how are you prepared to build a reputation that can’t be torn down?
Every business needs a brand reputation management strategy. Understanding how customers perceive your brand is key to knowing how you can improve it. A proactive, rather than a reactive approach may be taken to repair and continue to build trust with your target audience.
Most companies won’t have the same type of PR risk as larger entities such as Robinhood, Enron, or even Tiger Woods. Establishing a risk management plan for your brand is a good idea for any business, particularly now that people are not shy about sharing their views. Isn’t it time for you to get to know how consumers feel about your brand?
One of the ways my omnichannel digital agency—station369—works with its clients to develop brand strategies, including reputation management. Get in touch with us today to find out how we can take your brand to the next level.