A statistic revealed by the World Economic Forum states that more than 25% of a company’s market value is directly attributable to brand reputation. As a business owner, your brand reputation is an incredibly valuable asset.
In an economy, around 70-80% of market value comes from inestimable intangible assets like brand equity, intellectual capital, goodwill, and trust. In fact, according to statistics, people will pay 22% more for certain products if the company has a good reputation.
Therefore, you must monitor and manage your brand’s online reputation the way you would any other valuable company asset.
This is what Deloitte has to say about online brand reputation management.
“A company’s reputation should be managed like a priceless asset and protected as if it’s a matter of life and death because, from a business and career perspective, that’s exactly what it is.”
We cannot stress enough about the importance of Online Reputation Management (ORM) for a business. Integrity, leadership, and trustworthiness are three qualities that businesses, especially when starting, should aim to establish to build a loyal and organic customer base.
Continued consistent effort in building your brand’s credibility requires an innate understanding of how it works and why it works. So, here are the three essential ORM tips you need to know and practice to claim your throne in the market.
Engaging with your audience on social media and managing your social media presence is one of the most critical components of building a successful business. 82% of consumers look for an immediate response from businesses online when they post questions.
So monitor conversations online and slide right in when you think you can add value. This type of availability is now possible because of digital technology innovation, and it is not just limited to large enterprises. Using chatbots, AI, and machine learning, monitoring even a small business can be made available 24/7. That’s where an ORM tool can be convenient.
Responses don’t always have to be serious either. Lately, many brands have been posting funny and witty responses to their customers online, and these have been going viral, and we love every bit of it!
One of our all-time favorites is Taco Bell. They are well-known for their unique and hilarious marketing and advertising gigs, and their social media accounts are no different. Taco Bell’s Facebook and Twitter presence is sure to tickle your funny bone with their witty one-liners to creative photo updates.
This direct interaction shows your brand’s personality while spiking the likeability, entertainment factor, and your followers. This makes your brand a lot more approachable. The more positive buzz around your brand, the better. It’s a win-win. Use this powerful tool to gain some brownie points with your audience.
The purchase likelihood for a product with more five-star reviews is 270% greater compared to one with a lesser number of reviews and ratings. Positive reviews, comments, and feedback are easily the most potent tools to persuade a potential window-shopper to convert to a loyal customer.
As stats go, 82% of consumers trust online reviews as much as personal recommendations. Set up website badges to quickly and easily direct visitors to your Yelp, Facebook, and Amazon pages to read and leave reviews.
Your time is valuable, and so is your customer’s. So make sure you are giving your customers enough incentive to leave a review. A useful ORM tool can help generate a plan to boost your positive reviews to show up on a potential customer’s google search.
Worried about the possible negative buzz around your brand due to complaints, trolls, and online hate?
Spin the tale to your advantage by providing your customer with a swift customized response that increases complaint management quality. By assuring them that you will take their complaint seriously and work on rectifying the problem (this works like a charm!), you are potentially appeasing an unsatisfied customer.
This turns their bitter experience with your brand into a positive interaction, showing the other viewers that your business cares about its customers and their feedback. And according to stats, 45% of consumers will post about a positive interaction if a brand responds well to their complaints on social media.
And in all honesty, negative feedback always helps your business grow stronger by being critical about your improvement areas. There is no bigger win than a disgruntled customer turning into a satisfied and loyal long-term customer.
Also, make sure you respond immediately. Studies show that brands who respond to queries or complaints within the same hour have a much higher success rate than those who take longer.
In an age where customer word of mouth can quickly go viral, these three tips can provide a proactive approach. Every entrepreneur is different, and you’ll likely need a unique approach based on your target segment, industry, experience, and current online reputation.
That is why a customized solution like Xtract.io’s ORM tool can be very beneficial because it will be tailored to suit your business needs. It takes care of all the above points- tracking, brand reputation monitoring, responding, and engaging with unparalleled ease.
We help strategize decision-making and boost your overall ROI with our in-depth sentiment analysis that harnesses Artificial Intelligence to understand customer sentiments. We aid in repairing online reputation debacles and giving your brand a complete facelift.
Our robust ORM tool covers all grounds and makes sure you have an eagle’s eye view of your brand activity at a single glance. You can even enable instantaneous responses with our AI-powered chatbot for queries or automated ‘thank you’ notes for customer reviews.
Contact us today to explore how we can help grow your business and fix your brand’s online reputation.