The internet has become the go-to place to get information about any business or individual, which significantly influences how individuals perceive things and make their day-to-day decisions.
Users trust the internet for whatever it shows them to be true. And a single negative review on your book, your services or your product might make or break your whole business or career.
This is where Online reputation management and Online reputation management agencies come into the picture. Online reputation management, also known as ORM, is the process of managing and upholding how the public perceives a brand, company, or individual online.
Digital reputation management is crucial because it affects sales. In fact, roughly 60% of American consumers said they would refrain from buying from a company that they perceive to be untrustworthy.
A poor online reputation may damage the credibility of your brand and, ultimately, your business. And if you are an entrepreneur, small business owner or book author, it is critical that you know about the 9 reasons why online reputation management should be a non-negotiable for your business.
Trust and Credibility
Consumers today find it increasingly difficult to trust marketing and advertising because they are being bombarded with hundreds of ads and content on a day-to-day basis.
That’s why they turn to other consumers like them when making purchasing decisions since they are unsure of who to believe in the commercial sector.
This is where online reviews and testimonials from real customers can help build trust by providing essential social proof that your business is trustworthy and honest. This, in turn, affects your revenue because, in the digital world, trust is synonymous with revenue.
Brand Image and Perception
The first impression is generally the last impression, especially in the digital realm. This is where an online reputation management agency can be a game changer for your business.
Because they can strategically shape and influence the perception of your brand by monitoring online conversations about your brand, addressing negative feedback and reviews, promoting positive content and improving search engine ranking.
If any of the above things are not done strategically, then it can lead to the brand image and credibility being tarnished, which can result in a significant loss in revenue because, in the digital realm, things spread extremely fast, and if not managed correctly can make it difficult for your business to recover.
Impact on Sales and Revenue
A Harvard Business School study found that each star rating a company receives can boost revenue by as much as 9%.
Almost 90% of consumers read reviews before making a purchase, and 88% of them place the same level of trust in online reviews as they would in a recommendation given by a friend.
A good digital reputation management strategy can increase the revenue of your company by responding to reviews about your company and presenting your brand consistently across all platforms because consistent brand presentation boosts revenue by 23%, while responding to 25% of online reviews can increase revenue by around 35%.
Customer Engagement and Loyalty
A good online reputation management agency can help foster customer engagement by promptly responding to customer complaints, queries, and feedback and promoting positive content across various social platforms.
Engaging with customers consistently builds trust, encourages word of mouth and creates a positive brand perception in the online environment.
A good example of this would be a company promptly responding to a customer complaint posted on social media channels like Twitter and taking action on that swiftly. This simple, swift action ensures customer retention and customer loyalty.
Crisis Management
Avoiding a crisis is inevitable, even if your business is in the best shape ever. If you already have a digital reputation management strategy in place, you will be better positioned to handle the consequences when it occurs.
A classic example of this is when KFC ran out of chicken in the UK in 2018. Due to this, they had to shut half of their stores countywide, and this was a major crisis for them.
But KFC responded fast, releasing ironic advertisements that poked fun at the incident, creating a webpage that allowed users to check the status of nearby locations, and responding as quickly and openly as it could to social media queries.
Competitive Advantage
Imagine a brand that reacts proactively and fast to any of your queries or complaints and compares that to another brand that responds after days or sometimes even after weeks. Who would you trust more? The former, right? It’s the same for your customers.
Having an online reputation management strategy in place will result in building trust, customer engagement and customer loyalty in the long run.
Customers always compare multiple businesses before they make any purchase decision. So, monitoring what your customers have to say about your competitors and figuring out where your competitors are thriving, and you are struggling can help you determine what you can change to become the best in the game.
Local SEO and Visibility
Even if you are a small local business, customers will still search for you online to judge you even before they visit you in person.
A good online reputation management agency can help you improve your local search ranking by regulating online reviews, boosting a positive outlook, and providing accurate business information.
A positive online reputation will elevate your brand’s local visibility and search engine ranking eventually attracting more local customers.
Online reviews can make or break a business as it has become extremely easy for anyone to write a review about a business, and 87% of consumers read online reviews for local businesses in 2020. Also, 94% of customers claim that positive reviews make them more likely to purchase from a business.
Employee Attraction and Retention
According to a survey, it has been revealed that 50% of people wouldn’t work for a company with a bad reputation even if they are given a hike in salary, and 86% of job seekers use company reviews and ratings to determine where to apply for a job.
These statistics just go to say that having a good online reputation is a non-negotiable to attract and retain top talent.
A good online reputation management agency enhances employee retention by managing a positive brand reputation. Satisfied employees contribute to a positive brand reputation, which results in attracting more top talent, and a solid brand reputation fosters pride and loyalty, two qualities necessary to keep a motivated and engaged workforce.
Regulatory Compliance
Having a digital reputation management strategy in place ensures compliance with regulatory standards by keeping an eye on online activity, spotting any violations and taking corrective measures to fix them.
Following rules also leads to increased brand trust, avoiding penalties and demonstrating a commitment to moral and ethical principles. This results in a good reputation in the eyes of various stakeholders and authorities.
Neglecting this may lead to defamation lawsuits, legal disputes, fines for misinformation, loss of credibility, financial penalties and damage to intellectual property.
Conclusion
Online reputation management is not only necessary to generate revenue and build trust with the customers, but it also helps a business stay prepared for any unprecedented crisis, gives them an edge over their competitors, helps them in attracting and keeping top talent and also helps in increasing their brand visibility leading to more customers.
According to 84% of marketers, online reputation management in digital marketing should be a non-negotiable for every business out there. And that’s why investing in a good online reputation management service is bound to give you huge ROI in the long term.
If you want to hire the best in the game, you can definitely reach out to us because Bowman Digital Media is an online reputation management company with a proven track record of building and repairing the credibility of hundreds of companies.
If you don’t have the time to manage your own reputation, don’t have the required talent to manage it for you and don’t have the tools or resources to manage it yourself, then definitely reach out to us or send us a mail at marketing@bowmandigitalmedia.com.