In today’s digital age, a business’ online reputation can make or break its success. With the rise of social media and online reviews, customers now have more power than ever to influence a business’s reputation. This is why it’s essential for big businesses to proactively manage their online reputations.
First and foremost, a business’ online reputation can have a significant impact on its bottom line. Studies have shown that a one-star increase in a business online rating can lead to a 5-9% increase in revenue. On the flip side, negative reviews can lead to lost sales, with 86% of customers saying they would think twice about purchasing from a company with negative reviews.
It’s not just about revenue
A business’ online reputation can also affect its relationships with stakeholders such as employees, investors, and partners. Negative opinions online can lead to decreased employee morale, difficulty attracting investors and strained partnerships with other businesses.
A poor online reputation can make it difficult for the business to attract and retain talented employees. It can also lead to low morale and job satisfaction among existing employees, which can negatively impact their productivity and performance.
Furthermore, suppliers may be hesitant to do business with a company that has a poor reputation, as they may be concerned about their own being tarnished by association.
Investors may also be wary of investing in such a business, as it can indicate broader issues with the company’s operations and management. Whilst regulators may view the organisation as a potential risk to consumers, which can result in increased scrutiny and regulatory action.In summary, a business’s online reputation can have a ripple effect on its relationships with stakeholders of all types, and some might not be immediately obvious.
What tools are available?
Companies must stay on top of what customers are saying about them online. This means regularly monitoring social media platforms, review sites, and other online channels for mentions of their brand.
Google Alerts is a free tool that allows businesses to monitor mentions of their brand online. Businesses can set up alerts for their name, product names, or keywords related to their industry, and receive notifications whenever new content is published online that matches their search criteria.
There are many social media monitoring tools available that can help businesses monitor their brand’s social media presence. These tools allow businesses to track mentions of their brand on social media platforms like Twitter, Facebook, and Instagram, and respond to customer feedback in real-time.
Companies should also regularly monitor review sites like Yelp, Google My Business, and TripAdvisor. These sites allow customers to leave reviews and ratings and can have a significant impact on a business’ reputation.
Organisations should also monitor their competitors’ online presence to stay up-to-date on industry trends and customer feedback. This can be done through social media monitoring tools, Google Alerts and by regularly checking competitors’ websites and review sites.
Website tools like Google Analytics can provide businesses with valuable insights into their online presence, including how customers are finding their website, how long they are staying on the site and what pages they are visiting. This information can be used to improve the user experience and drive more traffic to the site.
What other steps can a business take?
When a business receives negative feedback, it’s essential to respond promptly and professionally. This shows customers that the business cares about their concerns and is committed to addressing any issues.
Businesses can proactively manage their online reputation by encouraging satisfied customers to leave positive reviews. This can be done through email campaigns, social media posts, or in-store signage.
Engaging with customers on social media and other online channels can help big businesses build strong relationships with their customers. This can lead to increased loyalty and positive word-of-mouth.
For businesses with a large online presence, it may be beneficial to hire an online reputation management agency. These agencies specialise in monitoring and managing online reputations, and can help businesses proactively address any issues before they become major problems.
Larger organisations must proactively manage their online reputations in today’s digital age. With the power of online reviews and social media, a company’s online reputation can have a significant impact on its success. By responding to customer feedback, encouraging positive reviews, engaging with customers, and hiring a reputation management agency, companies can take control of their online reputations and build strong relationships with their customers, employees and stakeholders.
How can a reputation management agency help?
For organisations that require extra assistance, hiring a reputation management agency can help monitor their online presence in several ways. These agencies have specialised tools and expertise to track mentions of a business’s brand across various online channels, including social media, review sites, and news articles. This allows them to quickly identify any negative comments or reviews and respond promptly.
Agencies can provide businesses with real-time alerts and reports, allowing them to stay on top of their online reputation at all times. This can help businesses identify trends and patterns in customer feedback, allowing them to proactively address any issues before they become major problems.
Agencies can help businesses develop and implement a comprehensive online reputation management strategy. This can include developing and maintaining a strong social media presence, encouraging positive reviews, and responding to customer feedback in a timely and professional manner.
Finally, reputation management companies can provide businesses with guidance and support in the event of a crisis or negative online event. They can help navigate complex situations, such as a viral negative review or a social media backlash, and provide guidance on how to respond and mitigate damage to the business’s reputation.
Need more information?
Hiring an agency with a proven track record can help businesses stay on top of their online reputation and proactively address any issues before they become major problems. They have the tools, expertise, and experience to help businesses monitor their online presence, develop a comprehensive reputation management strategy, and navigate any negative events or crises that may arise.
Managing your corporate image can be tricky to navigate on your own, andjust one foot out of place can lead to poor outcomes. At Newpath, we offer online reputation management services to make sure that your company isn’t a target for unjust, adverse and detrimental reviews.
To learn more about our range of services, contact us on 1300 761 806 or explore our website and make an enquiry today.
