A Business’s online reputation is everything. Online Reputation Management is however not ONLY about defence which actually is usually the last resort, once a reputation is called into question by another person.
You don’t enter a restaurant expecting to have bad service, purchase a product anticipating that it will break, invest in a company expecting no return, or take a job anticipating a terrible experience. You expect to have your expectations met.
Reputation is an expectation of future behaviour based on past experiences, which means first impressions and your stakeholder’s experiences with your brand are critical to developing a positive reputation.
“…corporate reputation accounts for approximately 60% of a company’s market value and the CEO’s reputation accounts for approximately 50% of the company’s overall reputation.”
Reputation marketing is what happens when you consistently meet and then exceed your stakeholder’s expectations.
Most people go online to find the “most reputable” company to do business with when they want to make a purchase. Actually, these days 3 out of 4 people trust online reviews as much as an opinion from a friend.
Reputation, consisting of mentions, comments, recommendations and reviews across a buzzing, shape-shifting universe of online publishers and apps isn’t a problem centre but a value centre for you and your business. Our online reputations are our key differentiator in the marketplace, whatever we’re selling.
Increasingly, brands and business owners recognise the fact that our reputations can bring opportunities to our doors or divert them to our competitors.
In today’s environment, it’s no longer sufficient to think about reputation management like we think about crisis management. We need to think about our reputations as a constant, competitive advantage; a driver of growth and prosperity; and a strategic asset. We need to think about reputation marketing.
There are 4 types of Reputation – Bad, No Reputation, Good and then there is the 5 Star Reputation – I am sure you know which one will get the most sales!
Great reputations are built through consistently meeting stakeholder expectations, dedication to your mission, and the element of surprise.
Building a 5-star rating and then leveraging that online will greatly help convert traffic to your site and so into sales.
“86% of the market value of Dow Jones Industrial Average companies are not reported in financial statements… (most companies’ market value derives from brands, patents, technologies, and other intellectual capital)”
Since reputation is an ever-changing intangible asset that is defined by your ability to meet stakeholder expectations, it’s important to understand and mitigate potential risks that may impact your reputation enterprise-wide.
Failure to account for reputation risk can result in: lost revenue and profit, stagnant innovation, low employee engagement, decreased shareholder value, increased operating costs, increased regulatory review, dysfunctional teams,
lagging market share, low brand equity, expensive sales and marketing investments, high employee turnover, low customer retention, costly crisis communications and reputation management, increased customer service costs, and more.
Anon surveyed 1,400 risk management professionals in 60 countries for their Global Risk Management Survey and found that damage to corporate reputation or brand was the top-ranked concern. Also ranked in the top ten concerns were at least four more areas significantly impacted by a business’s reputation:
Most organisations and individuals are likely somewhere in the middle or lagging with some high moments, but rarely across all stakeholders.
Reputation management is needed when you fail to meet your stakeholder’s expectations. Reputation management comes with a significant cost and loss to organisations and individuals.
The first step is always to find out just what your online reputation score is and if there are any “bad” reviews. We also recommend setting up a reputation monitoring system to track when any mentions are made of your business, staff or products online. This because bad reviews should be tackled as soon as possible after the event to minimise any damaging fallout, whilst good reviews can be leveraged in a number of ways to the benefit of your company.
Many individuals and organisations require online reputation management specifically in organic search results like Google, on social media sites, on review sites like Yelp, and beyond after a negative story has surfaced in these locations. Companies and individual consultants exist who can help “clean up” your digital presence by displacing negative results and promoting positive mentions.
Mac Productions provides Online Reputation Management and Marketing services as well as monitoring plans for online and offline businesses.
We will not engage in attempts to hide behaviour we believe to be illegal or unethical. We reserve the right to refuse any reputation management work we feel crosses the line from telling your own side of the story to covering up such behaviour. Read Our Code of Ethics