It is well known that it can take years to forge a great reputation, consistent effort to maintain it and a single mistake to dismantle it. Reputation can affect the different aspects of businesses tremendously and is an interconnected element which powers itself, irrespective whether it is good or bad.
Below are the top 4 reasons why reputation should not be ignored.
There are many reasons why your company’s reputation should not be ignored. The first, and arguably the most important, is the affect it has on sales.
According to a research study published by Trip Advisor in 2018, 97% of companies revealed that online reputation is pivotal for their growth. Similar findings were shared by Clutch, whose study found the biggest benefit of a strong online reputation was growth in sales.
Therefore, your company’s reputation should not be underestimated as it can have a huge impact on your sales and growth. Companies can implement a reputation management strategy to monitor reputation and the affect it has on business performance.
Whilst it is important to note that revenues can go up and down on the back of various factors; a company should always work on building its reputation, irrespective of the growth stage.
The ‘Reaction’ Element of Online Reputation of a Company
There are certain elements of online reputation management which a company can control; such as updates on products, services, and organisational developments. However, there are a huge variation of ‘other’ information that the company has no control over.
This can be interpreted as the ‘reaction’ element of online reputation management. These are most commonly customer reviews, listings, images, and opinions of the company. These very few elements can make or break any company’s online reputation and when reputation is at stake, the idea of potential damage can be pretty intimidating.
The ‘reaction’ information is another reason as to why your company’s online reputation cannot be ignored. Apart from the genuine complaints from consumers, your company needs to tackle any fake reviews, or misleading or incorrect information about your company that may exist online. The internet has made the world small and is greatly influential, not only to potential leads but also your business’s performance.
Your company’s online reputation affects many aspects of business when it comes to trust. A positive and strong reputation leads to trust between your business and its audience. This can lead to higher engagement, more shares of your company and your content, and increased customer loyalty.
As a result of these factors and your company’s good reputation, your brand can build trust in the online world. With more engagement and trust your company’s website authority will improve, you will be recognised by search engines and competition, therefore improving your website’s SEO. This will then boost your website traffic, potential sales leads, website authority and your overall business’s performance.
When you monitor your own companies’ online reputation, you will also become familiar with that of the competition. You can see what their customers are saying, the engagement they receive, information about their target audience, as well as their SEO ranking and techniques.
This provides the opportunity to set yourself apart from the competition. Use the feedback they receive from customers to learn what the audience want, how to improve your website or service and boost your reputation.
Ultimately, companies should invest in building an effective online reputation management strategy. Brands can do this by evaluating the company’s reviews across different platforms, consistently monitoring feedback, addressing reviews and positively engaging with consumers on a regular basis.