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Reputation management and revenue generation

Reputation management is an important aspect of any business, and it is tied to your business revenue. In fact, 97% of business owners understand how important it is. With the advent of the digital age, reputation management has gained even more importance.

The process of online reputation management usually involves maintaining and curating your brand image carefully. This can take the form of monitoring articles, reviews and social media regarding your business. When it comes to managing your online reputation, you can never have too much information. Online reputation will play a very important role in your business strategy which will have a considerable effect on how you operate and the revenue earned.

To start with why online reputation is crucial to business nowadays, we will begin with the impact negative reputation can have on your business. To put it simply, your business will hurt considerably. When a potential customer finds a negative review or article on the first page of the search results, a company risks losing 22% of their business. It does not stop here, however. Consider if your business has had a few bad days or weeks, and three clients posted negative reviews. This can lead to a further loss of business as much as 59%! You will be losing potential income in the form of new clients.

Fortunately, even if your business may have received negative reviews or had negative articles written about it, there are actions to help bring back your online reputation. This is why it is important to keep monitoring your business’ social media, reviews and articles. To start off, you should apologize publicly for the negative review. From this point, you can start to work towards a solution with your client. This can include finding out why the bad experience happened and correcting it and making sure that it does not happen again. Such a course of action along with making amends with the reviewer may lead to the negative review being removed or edited to reflect your reconciliatory actions.

Although you may have some negative reviews which are taking a toll on your online reputation, it is unavoidable. However, these negative reviews stand out even more if you do not have many reviews overall. Not every client will have the best experience with your company, similarly, there are going to be clients who are overjoyed with their experience as well. It is important to get such happy clients to review your business, and the best way of going about this is to simply ask them!

Having a good online reputation can be said to literally be worth its weight in gold. This can be attributed to several facts. 91% of people go through online reviews regularly, and this goes further with 90% of customers stating the nature of the reviews have an impact on their decisions. Furthermore, 84% of people trust an online review as much as a recommendation from a friend.