A solid reputation is the foundation of every successful business. Essentially, reputation is how a brand identifies itself and how the general public perceives it.

Most executives today understand the significance of their companies’ reputations. Companies with better reputations are perceived as offering more value, which in turn, allows them to charge a premium. In an economy where 70% – 80% of the market value comes from intangible assets such as goodwill and brand equity, companies are especially vulnerable to anything that threatens their reputation.

Understanding Business Reputation Management

Business reputation management is the process of observing, influencing, and refining the general public’s opinion of your business, brand, products, or services.

In today’s digitally advanced era, most reputation management takes place online, especially for SMEs. And therefore, the concept is termed online reputation management.

Online reputation management has become crucial for all businesses, which is often gauged by the business’s online reviews and ratings. And as per statistics, 93% of customers check online reviews before purchasing a product. Also, online reputation management is anticipated to reach $491.32 million by the end of 2026.

Broadly, reputation management for businesses entails the following:

  • Tackling reputational crisis
  • Monitoring and responding to customer’s feedback
  • Building a steady and favorable public image for your business

Certain brands have been doing a pretty good job at maintaining a good reputation for their business, even in the face of crisis. And one such brand is Nike.

It is no secret that as your brand gets bigger, it gets harder to complete all day-to-day tasks. Right from conducting competitor research to content marketing to handling all customer support emails, it becomes challenging to take out time for monitoring your online reputation.

To solve this issue, Nike launched a separate Twitter account called @NikeSupport. This handle is fully dedicated to managing customer queries.

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The platform is an excellent way to address the concerns of clients promptly. By offering timely support to customers, Nike nurtures a good relationship with customers and creates a positive brand image.

Notable Benefits of Business Reputation Management

Here is our roundup of the top five benefits of business reputation management for your business:

·         It Boosts Business Sales

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Statistics reveal that nearly 97% of customers now research social media platforms before purchasing any products or services. Thus, you might want to establish a strong social media presence, by encouraging user-generated content, leveraging sponsored posts or even collaborating with influencers to get product reviews.

And as many as 92% of customers are more likely to purchase after reading a trusted review from other users.

These statistics have made it rather clear that the online reputation of a business plays a pivotal role in the customer’s decision-making process. It helps to convert a prospect into a customer.

·         Helps to Beat Competitors

Customers in today’s time are quite empowered in making their buying decisions. Thanks to the internet, they can conduct exhaustive online research and compare the ratings and reviews of each company before purchasing from them.

Therefore, it is crucial to outperform your competitors and be able to engage with your customers. Maintaining a good business reputation that beats your competitors provides one such opportunity.

·         Offers Access to Exceptional Talent

As per statistics, 69% of job seekers claimed that they would pass on a job offered by a corporation with a bad reputation, even when jobless.

A good business reputation not only helps to attract and retain customers but also qualified employees. Top individuals will always conduct thorough research before applying to any company. So to hire the best talents to work with you, you must maintain an overall positive public image.

·         Helps to Build Brand Advocacy with Loyal Customers

Reputation management goes well beyond online reviews and ratings. It helps you build a following of loyal customers who advocate your brand to others. They often become invested in your success and are willing to step in during tough times to give a positive viewpoint on your business.

To increase loyalty among your customers, you can share special thanks with them, offer reward programs, or other free branded gear. This will help you reinforce the positive aspects of your business.

·         Allows You to Address Internal Issues

Many times, online reviews are not about your brand’s product or service. They are, in fact, about your customer service, processes, or overall operations. And these reviews can help you understand how your customers view your company.

By seeing things from your customer’s viewpoint, you can identify what is lacking. You can use this information to streamline internal processes and train employees.

Final Takeaway

Reputation is the most crucial asset of any business. Reputational crises, hurtful online reviews, and controversies on media channels can not only damage your business reputation but also harm your bottom line.

It is advisable to invest in a good business reputation management tool that can help to retain customers, get access to top-notch talent, and stay on top of your competitors.

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