Why Reputation Management is Important for Large and Small Businesses

why reputation management is important for large and small businesses

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Reputation management is a process that helps companies manage their reputation by understanding, anticipating, and managing the public perception of their brand.

A business’s reputation is more important than ever before because the competition has never been higher. There are hundreds of services, products, and offerings in every industry and niche.

Studies show that 97% of people read reviews before they buy a product or service, which means you must give outstanding service and also take the time to interact with both negative and positive reviews to build a brand that people trust.

Helps Your Business Attract & Retain Customers

A business’s reputation is one factor that can help attract and retain customers and employees. Both potential customers and potential employees want to get to know the person behind the brand, and they want to know what a company stands for.

When people have good feelings about a company or product, their likelihood of becoming a customer increases tremendously. 90% of consumers indicated that positive reviews had influenced their purchase decisions—it’s no secret that a good reputation helps you attract more business.

Allows You to Plan Your Actions

Keeping track of your reputation will also allow you to plan your actions. For example, if you know there’s a possibility that a negative article might be posted on social media in the next month—for example, a food critic anonymously visited your restaurant and wasn’t happy with the service—planning ahead will help mitigate any potential loss of revenue or customers. 

Builds Credibility

A good reputation will help build brand credibility, which is why many corporations invest in their reputation management efforts. They want to assure potential customers that they can trust the company by collecting reviews and earning certifications to display on a website.

It’s also beneficial to add the logos of companies you’ve worked with to your website—especially those companies and brands who have already built their reputation. For example, if people see that you’ve worked with Nike, they’re quicker to trust your company too.

People Are More Likely to Share Negative Reviews

Numerous studies have shown that negative reviews are more likely to be shared than positive ones—a dissatisfied customer will typically tell nine to 15 people about their bad experience—and a negative review could be damaging to your business in the form of lost revenue, customers, and even potential employees. 

However, when you thoughtfully reply to a negative review, it’ll show people that you care and that if something does go wrong when they buy from you, that you’ll make it right. 

Helps Your Business Grow

Reputation management helps your business grow because it creates a positive association with customers. It’s essential to have an honest, open dialogue with clients about the new features you’re offering and how they can benefit from them in return for feedback (both good and bad).

This is one way to show current or potential customers that they care about what you think and want to know how to improve their service and products.

Final Thoughts

We all know that reputation management is an essential tool for business success in building trust, attracting new clients, and retaining existing clients. Our team can save you time by taking care of your reputation management for you. Contact us; we’re happy to help you establish an effective plan for your business.

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