Business Reputation is the byproduct of all your company activities over the years in business. And, you as a business owner need to take care of it be it online or offline. A good business reputation is an essence that drives all the years that you had put and are going to put in the business.
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A good reputation is a markup to all your offerings, while a bad reputation is a markdown that the market gives. A bad reputation prevents a business from enjoying price flexibility, leads to a decrease in sales, reduces company value, and overall diminishes the prospects of future growth. Thus, it is very important to have an Online Reputation Management (ORM) System in place.
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Most of the times business houses outsource their ORMs to an integrated website maintenance agency. These agencies keep a track of your online offerings, customer reviews, ratings on your offerings, filtration of unwanted/fake reviews. All these help in maintaining the overall goodwill of your brand and the business as a whole.
Negative Reviews or Comments about your website can ruin your goodwill to dust. These comments can arise anywhere on the internet whether through search engines like Google or social media platforms like Facebook. It becomes essential to monitor the online image of your offerings.
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In this article, we will point out the reasons for the importance of monitoring online reputation.
1. Brand Image Maintenance and Building:
Your competitors are always finding ways to demean your brand in front of their offerings. Many times, these competitors pay for reducing your online reputation by
- Promoting negative comments against your website.
- Encouraging fake negative reviews,
- Using false product pics to establish duplicity of your offerings and so on.
As a business, it is not possible to keep an eye on the entire internet all by yourself. ORM teams have the single task of keeping your brand image safe and they perform it to the best of their capabilities.
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This ensures that not only, do you continue to enjoy a good reputation in the market, but also, by eliminating fake stories you build a reputation amongst new audiences.
2. Sales Boosts:
Online customers give a great weightage on reviews, before making any purchases. Whenever they are stuck between similar offerings from different brands, reviews and ratings are the metrics that influence their purchase decisions.
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Any negative review or less number of ratings against your product, might move sales away from your site. Thus, businesses must keep an eye on the ratings and reviews of their offerings. In general, the greater is the rating and the greater is the number of customer reviews, the more is the product sales.
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Businesses have gone a step further, in this space and now they ask for feedback as to when the product is delivered. This helps in banking on the customer’s happiness for enhancing your business offerings. Good ratings encourage new customers to try out your products over your competitor’s offerings.
3. Improved Visibility:
Gaining visibility is becoming tougher and tougher these days. The expansion in the use of the internet and digital marketing has bought millions of small and big businesses on the platform. There might be hundreds or thousands of businesses, which are offering similar or same products as yours. Thus, it becomes essential to stand apart and be above the competition if success is required.
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ORM Systems manage your online presence on platforms like Google, Facebook, Instagram, YouTube, and others. These systems integrate the use of Search Engine Optimizations (SEO) and Search Engine Marketing (SEM) in all of your formal engagements like replies to queries and complaints. These integrations push up your company’s name in the search fields, which increases your brand visibility, and helps you stand apart from the rest.
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4. Good Business Insights:
Online Reputation Management not only helps in the management of a company’s reputation but also in gaining useful insights into the business. These systems are designed to extract quality feedback from the customers. The feedback that is coming from the customers directly is hugely beneficial for the business.
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The feedback whether positive or negative helps in determining the effectiveness of the current scenario. If it is positive feedback, then the company can look to expand their current business strategy onto their other offerings. While, if the feedback is negative, the company can either discard the current strategy or modify the existing one.
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5. Credibility:
Reputation Management does not mean that you eliminate all the negative comments or complaints against your website. That itself would be a dubious act. Instead, you should address the customer’s queries and complaints in the humblest way possible.
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Accepting the mistake, which is highlighted to you, and then apologizing for the same increases your credibility. It also boosts your goodwill amongst the customers, as they feel that you care for their inconveniences.
6. Improved Customer Experiences:
Constantly monitoring your brand reputation via quick doubt clearance, and fast grievance redressal improves the overall customer experience by multiple times. The better the experience of the customer, the better is the sales prospect for your company.
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7. Aids Word of Mouth Marketing:
Good reputation companies find it easier to spread their product offerings via word-of-mouth marketing. Customers who have already used your products recommend the same to their relatives, friends, and colleagues. This type of indirect marketing is the most effective in terms of persuading people to buy your products for the first time.
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This is because the words of appreciation are directly coming from a current consumer to a prospective consumer.
8. Helps In Eliminating Fake IDs:
Fake IDs are easily created for reputed brands to misuse their goodwill. An Online Reputation Management (ORM) System, verifies your online presence with the help of original Government IDs. Platforms like Twitter, Instagram, Facebook have also introduced icons to show whether the ID is verified or not.
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This helps businesses in eliminating and minimizing the impact of fake profiles on their business reputation
9. Aids in Good Employee Hiring:
When your overall business reputation is good and work culture ratings are high, it becomes very easy to acquire experienced and talented employees. Experienced candidates often look for the reputation of the business before joining in as an employee. It is because candidates view reputation as the measure of the stability in their compensations/ salaries. The more goodwill the greater is the stability in the salaries.
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A good reputation will help your company in retaining the existing talent and in lowering the employee turnover ratio. The cost of hiring a talented and experienced employee is way higher than the cost of retaining an existing employee. A higher turnover ratio is negative for the company as it leads to a decline in the profit margins.
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A good employer reputation reduces the employee turnover rate and facilitates loyalty amongst those working on behalf of the company.
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Wrapping Up:
Building and Maintaining the reputation of your company is a consistent and never-ending exercise. It is very difficult to satisfy and keep up with all the expectations of every section of your customers. This is why in recent years, you will notice businesses are monitoring their reputations more frequently than ever.
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They do not want to leave their goodwill unattended. The companies just as any other tangible assets are now monitoring goodwill regularly.
It is not an easy task to understand and help each of your customers. But, no one ever said that running a business and more so maintaining the business would be a walk in the park!
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