How can you build a good reputation for your brand?

If you ask any business executive if they think having a good corporate reputation is important, the answer will be an obvious "yes". But ask them what it takes to have a good online reputation, to maintain it, or even to have a good online reputation, and many will struggle with trying to define a clear answer. It's important to understand the "what" and the "why" before developing a reputation management plan. First, let's start with the basics.

What is corporate reputation?

Business reputation is the impression that important people have of your business. The word 'important' may make you think of potential customers or clients, but this group is much larger. It includes every potential relationship that your business has.

It means the best candidates, who get to choose where they want to work. It means the investors when you're ready to take your precious business to the next level. Also, it means the community leaders in the next city who are the best candidates to expand your empire.

Every person and business that will interact with your company is important and, at some point, will rely on your company's reputation to determine whether or not to work with you. There are many corporates that get an online reputation management service to manage their reputation effectively.

What are the benefits of a corporate reputation?

Higher market value for your business

The Internet has been a huge boon to modern businesses and the people who want to interact with them. It has become the primary source for forming opinions about your company and its value in the marketplace. Having the opportunity to build a positive corporate image and reputation online is critical to your company's value and success. The Harvard Business Review found that 70-80% of a company's market value comes from some very vague metrics, such as brand equity or social goodwill.

Good reviews increase sales and revenue

Online reviews are the backbone of doing business today. Whether shopping for a great phone, restaurant, or lawyer, people use reviews to find the best product they need. A recent study published by Moz investigating the impact of online reviews on purchase decisions found that two-thirds of people consider online reviews important when deciding whether to buy a company's products or services.

In today's business environment, online reviews are just as important as word of mouth, and BrightLocal's research shows that 91% of consumers trust online reviews as much as they trust personal reviews. This is especially true among the key 18 to 34 year old demographic.

Not only does a positive reputation help, a company's image and goodwill in the industry, but it also has a direct impact on the bottom line. A study by Harvard University's Michael Lucas showed that for every one-star increase in a company's rating on Yelp, the company's revenue increases by 5-9%.

Higher quality recruiters and employees

Job seekers rely on a company's online accounting order to make a decision about their application. In addition, this is one of the most important factors recruiters look for when evaluating potential workplaces. Also, a good reputation makes it easier for you to recruit the best candidates.

This can also translate into lower recruitment costs and better staff quality. On the other hand, a poor reputation of any company can cost your company more per hire (at least 10% more, according to the Harvard Business Review). 71% of employees will not apply to a company that has been advertised negatively, according to a Career Builder Survey. Therefore, you can get services from a corporate reputation management agency in India for this.

A Bad Corporate Reputation Hurts Your Business Badly

Many companies are feeling the effects of bad publicity on their bottom line. Customers, investors, and potential employees lose trust in the company. Sales decline. Brand equity is eroded in the public eye. Unless managed properly, small disasters can easily snowball and bring a company down quickly.

Bad publicity used to mean negative articles in the newspaper. While this still happens, today the greatest danger to a company's reputation may come from negative posts on social media and negative online comments. Moz's research found that just one negative article on the first page of search results can cost you 22% of your potential customers. Two negative reviews can more than double that percentage, and if you have four or more, you could lose 70 percent of your potential business. To put it bluntly, a bad online reputation means lost revenue for your company.

How can you build a good reputation for your brand?

Treat your employees well.

When people hear about a great place to work (think Zappos), they remember it, even if they're not in the job market. A study published in the International Journal of Hospitality Management found that hotel employees' reviews on Glassdoor influence customers' perceptions of companies. You do not want your firm to end up on a list of the worst companies to work for.

Make a plan.

Take the initiative and decide what you want the world to think of when they see your company name. Understand that it is your responsibility to build, maintain, and repair your online reputation 24/7. This is where a professional ORM agency in India can help you create an online reputation strategy that is realistic, but effective for your company.

Define yourself.

A company or any brand is only as good as its leader. Before you tackle the whole machine, start with your own personal corporate brand. What is the image you want to portray as the leader of a company? Remember, this doesn't mean just putting your pretty picture out there for the world to see. In addition, it is an opportunity to fill a void in leadership in your industry. Someone like Steve Jobs became more than just the CEO of a software company. He was seen as someone who was worth listening to in terms of technology, innovation, and industry direction.

Maintain it.

A good reputation is a full-time job. It doesn't just mean responding to criticism, it means actively strengthening your online brand and making your company more resilient in the face of any crisis. It means sticking to your plan, being honest and transparent in your public communications (especially when things go wrong), and putting your wins out there for the world to see.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Feb 19th 2021 04:32. Viewed 228 times.

Share on APSense

Comments