According to a survey by Venture Beat, there are 2.1 million negative social mentions about brands every single day in the U.S. alone. These users then go on to tell an average of 16 other people about their poor brand experiences.
So what can be done to combat this? Build a strong brand.
A strong branding strategy has become vital to organizations in multiple ways: communication, competition, and employment.
Branding has been drastically changing with the accessibility of the Internet, search engines, and social media. This change is not only affecting how organizations communicate with their customers, but also their competition.
More than ever, the market is saturated with tons of brands. There are millions of start-ups breaking into a limited space, as well as global companies from overseas with plans to dominate new markets. As a result, it’s become extremely competitive when compared to the environment 50 years ago, when only a few corporate giants dominated the market.
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