3 Reasons Reputation Management is Important
If you own a business, you know your entire existence is based on what people are saying about you and about their experiences working with your company. In this digital age, it is imperative that you have a strategy in place to monitor your business's reputation. This strategy is called Online Reputation Management.
What is Online Reputation Management? It is the process of monitoring, identifying, and influencing your online presence and reputation. People are going more and more to the internet to research or quiz their Facebook friends before they buy anything. As a result, a business having no presence on social media is almost as hard to overcome as one with negative publicity. Therefore, it is important to have a strategy to give yourself a positive reputation as soon as you start your business.
There are numerous reasons that reputation management is valuable for a business, but the top three reasons are going to be analyzed in this post.
Trust and Credibility
People buy from those they like, trust, and can rely upon. If they don't feel like they can trust you, they are going to go somewhere else to purchase their goods. Again, people look to the internet before doing new things. Whether it is going to a new movie or a new restaurant, or deciding which organic mascara works the best, people are typing those words into their search engines. As a result, you must monitor what people are saying about your products and services, what your customer service is like, and whether your exchange policy is easy to navigate. Negative reviews or a detrimental Facebook presence can be deadly to your business. You must know what people are saying about you and your business.
Sales are dependent upon trust and credibility. The more positive your reputation is online and in the community, the more sales you will receive. Positive word-of-mouth will continue to increase your sales. As negative reviews for your products, customer service, and exchange practices pile up, your sales will go down. You must be on top of your reputation management to stop a negative reputation from affecting your sales.
Also, banks, investors, and co-partners are no different than the above individuals. People run these operations; therefore, they do the same thing. When investors are looking for new investments, they are not only looking at your portfolio; they are getting online and analyzing positive and negative reviews, complaints, forums, BBB, and putting feelers out to the community to see what people have heard about you. If word gets out that your business is not a solid investment, you will have a very difficult time finding new investors.
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