22 pages, published in 2020
In our connected world, most consumers engage with brands online. 81% of consumers’ purchasing decisions are influenced by their friends’ social media posts, and according to Google, 67 percent of buyers are influenced by review sites. Brands have taken note. According to CMO Survey, 22.4 percent of marketing budgets is spent on social media—and 93 percent of companies use social media to target buyers.
Although traditional advertising and TV spots still comprise a significant portion of consumer mindshare and brand awareness, it’s online where opinions are expressed and the battle for brand truly plays out. The rise in social networks has magnified consumers’ ability to criticize or promote a brand. It has also opened the floodgates for cybercriminals to exploit what should be positive engagements between brands and their customers.
These risks can have massive financial impact. According to Kaspersky, the global, annual cost of phishing attacks on social media is $1.2 billion. ZeroFOX estimates that financial scams on Instagram alone cost brands roughly $420 million each year.
Getting the right people to the table and building a strong but flexible brand protection program is a critical initiative for all modern enterprises. This guide outlines why organizations need a brand protection program, the risks to brands, who needs to be involved, and a step-by-step process for getting a brand protection program off the ground.