Online reputation management has become a critical part of every business model in the digital age. Up to 91 percent of Americans review online reviews to learn about a business. What’s more, up to 78 percent of consumers trust the reviews they read online, and detailed, personable reviews can have an even more significant impact on your business. What a customer reads online is so crucial that around 39 percent of consumers are influenced by brand reputation when making online purchases.
With those numbers in mind, it’s easy to see that online reputation management is important. However, the more significant questions are why online reputation management is important and how you can execute an effective reputation management strategy for your online presence.
In this guide, you’ll learn more about online reputation management, how to implement it, and four reasons why it is critical to your business.
What is Online Reputation Management?
To understand why online reputation management is important, you must first understand this marketing strategy. Online reputation management is strategies used to create and guide your business’ online image, increase trust and credibility with customers, improve your online visibility, and ultimately increase your business’s bottom line.
Additionally, strategies can be used to mitigate the impact of negative reviews, videos, and other potential online backlash. An excellent example of this is customer reviews. Reviews can do wonders for a business because many Americans view them before ever contacting a company. It’s estimated that a one-star average increase on Yelp can help companies to reach an additional five to nine percent of revenue. But, on the other hand, businesses that have three negative feedbacks within a search result could cause them to lose up to 59.2 percent of potential customers.
Almost everyone relies on the content they see online to decide on a product, service, or business. Have you ever purchased a specific brand or product solely because of reviews you found online? The last time you went out to see a movie, why did you choose the movie you saw? Did you read a synopsis about the film or see a trailer that spurred your interest? An effective online reputation management strategy likely influenced your decision if you did.
How to do Online Reputation Management
Using multiple online reputation management strategies will increase these services’ impact on your business. Common online reputation management strategies include:
- Social Media Management: Social media use is vital to a business’s online presence. Social media can increase your online visibility, draw in new customers, connect with existing customers, and increase your Google search ratings. Social media management strategies can include profile monitoring, maximizing engagement through regular original content, and influencing a company’s online presence.
- Review Management and Acquisition: Review management and acquisitions are some of the biggest reasons why online reputation management is so important. Review management and acquisition encourages more customers to leave positive reviews, promote those reviews, and address negative reviews or public image concerns.
- Content Development: Content development is the process of creating and maintaining original content that improves search ratings, builds your company’s reputation, and provides consumers and patients with valuable information.
- Search Engine Optimization (SEO): Search engine optimization (SEO) improves your business’s online presence by making your content more visible on search engines like Google. This means that customers searching for services related to your business are more likely to find you when using popular search engines.
- Competitor Monitoring: Monitoring your competition can help you stay ahead on local search terms, reviews, and social media activity. It also allows you to compare the services and products that your business offers compared to competitors.
4 Reasons Why Online Reputation Management is Important
Now that you know what online reputation management is, you should learn more about why it’s so important to your business. Here are four reasons why online reputation management is important.
1. Boosted Revenue
Most businesses expect to make a profit and strive to do so. One of the best impacts of online reputation management is potentially increasing your bottom line. Well executed online strategies can bring in new customers, help you retain your current customer base, and improve your business’s public perception. Additionally, higher search engine visibility means that more customers will learn about your business’s services and why they should choose your business over your competitors.
2. Strengthens Your Business Image
Your business image is the overall perception, impression, and association that a customer has regarding your company. Business image is influenced by several factors, including customer reviews, previous customer experience, the products or services you offer, and how much a customer can relate to your business’s values. A strong business image can help bring in new customers and foster relationships with existing customers, therefore increasing customer loyalty.
3. Improves Your Online Visibility
Improving your online visibility is a critical component of increasing your customer base and increasing foot traffic on your website. Several online reputation management strategies can enhance your online visibility by increasing your rankings among Google and other popular search engines. These strategies may be used on social media accounts like Twitter or Facebook, or through content-rich websites and blogs.
4. Builds Trust and Credibility With Your Customers
The internet is a wonderful tool for consumers and businesses alike. Consumers can express their opinions and experiences on anything in the digital age. Customers are more likely to do business with a company that they find credible and trustworthy. Amazon is an excellent example of this as Prime members are incredibly loyal. In fact, a recent study showed that 89 percent of consumers were more likely to buy items from Amazon than other competitors. Why? Because Amazon has built trust and credibility with its customers.
The Bottom Line
Online reputation management is a powerful tool that can boost your revenue, enhance your business image, improve your online visibility, and build trust and credibility with your customers. Knowing why online reputation management is important and how you can implement an effective strategy is key to the continued growth of your business.