Media firm General Sentiment estimates that BP has dropped close to $1 billion in brand value.
That’s roughly four times the impact on the Toyota brand earlier this year, according to the firm.
General Sentiment uses sophisticated software to scour and analyze over 30 million sources of content on the Internet, including from news, social media, blogs, and web sites.
According to an article today in MediaPost’s Marketing Daily, General Sentiment’s CEO Greg Artzt is pessimistic about the impact of this drop in BP’s brand value. “It will cost BP a fortune to dig itself out of the hole it is in just on the media side,” he says, adding “At the retail level, it will affect them. They are clearly worried about their brand. They do a lot of advertising. But look at their market cap, they won’t recover.”
Based on the comments about BP at the brand social networking site Brandkarma, I would have to agree with Artzt. Comments about BP are generally not favorable and the BP brand ranks poor to bad on all five criteria (planet, customers, employees, suppliers, and investors).
Additionally, the three Boycott BP pages on Facebook have accumulated over 700,000 “friends.”
The General Sentiment one-page report on the effect the Gulf Oil spill is having on the BP brand value is available on their web site. However, it wasn’t working this morning when I tried to download it.