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In today’s digital world your company’s reputation is always under the spotlight. Therefore actively managing your business reputation is essential.
So what do we mean when we talk about business reputation management? Well, it is the process of managing and monitoring your company’s online presence. This means that the perception of your business will showcase the positive allows you to stand out from the crowd and gain new customers.
In a world where everything is online, business owners can no longer afford to ignore what is being said about them online. Business owners can spend years developing a strong reputable brand, but having a poor online reputation, or having negative stories appear, has the potential to ruin all that hard work.
A positive reputation can be your greatest asset
A positive online reputation can be your business’s greatest asset, or it has the potential to be your biggest weakness. Clients, colleagues, and employees all use search engines like Google to help make decisions every day.
Everybody ‘Googles’ everything now, and they see websites, social networks, blogs, review sites, press, and media, that tell them about your business. Having negative press, social media comments or reviews puts people off. But, if they are positive, people are more likely to trust you and do business with you.
One negative article, whether it is truthful or not, has the potential to create a reputation crisis, which can impact the success of your business.
Why is corporate reputation important?
Corporate reputation is the overall viewpoint held by your internal and external stakeholders based on your past actions. A good reputation will cause customers, vendors and stakeholders to be more trusting and loyal to your business.
So, what you want people to see when they ‘Google’ your business is a search results page filled with links that truly reflect who you are and what you do. This is important because:
Google controls as much as 92% of all search engine traffic.
The first page of a Google search for your company’s name attracts 95% of traffic from an average search.
90% of people only look at the first page of search engine results to form their impression.
64% of people trust online search engines the most when conducting research on a business.
What’s the real influence and impact of different search results online to businesses?
46% of companies have been damaged or are worrying about negative press coverage, (up 29% since 2014).
1 in 3 businesses say negative content has already damaged their business and 1 in 3 worry about the impact of negative content on their business and its value in future.
A further 1 in 3 businesses say negative social media posts pose the greatest reputation threat.
Damaging content costs money.
So, it’s clearly important to develop a corporate reputation management strategy. But what impact does all of this have on customer behaviour?
The impact of reviews alone is huge:
93% of people say that online reviews impact their buying decisions.
90% of people admit reading online reviews before visiting a business.
85% of consumers trust online reviews as much as personal recommendations.
Positive reviews make 73% of consumers trust a business more.
What you might find surprising, and worth noting when you want to grow your bottom line, is that 68% of consumers are willing to pay up to 15% more for the same product or service if assured they will have a better experience. Which really shows the impact and value of positive reviews and how important it is to respond to reviews.
But when what people see, and say, is negative, be it reviews, press, social media comments and other content, it’s doing a lot of damage.
Businesses are risking losing 22% of business when potential customers find 1 negative article on the first page of their search results, and 70% with 4 or more negatives.
51% of businesses say that their company has been negatively affected by unsubstantiated online reviews or targeted by trolls.
Search engines, such as Google, Bing and others, don’t care about your reputation. They don’t filter search results based on what’s negative and positive, but they do filter them based on what’s relevant and popular, making online reputation management especially relevant.