5 Importance Of Reputation Marketing To A Business
In business, reputation is everything. This same theory applies to life in general. Reputation is louder than sound, it is what speaks even when the bearer has yet to even appear. Reputation can make or mar a business. A good reputation, brought about by positive online reviews or word of mouth, can tremendously improve the fortune of a company. Alternatively, a bad online review or word of mouth can destroy the future of a business.
With the dawn of the digital age, businesses are increasingly becoming aware of the importance of business reputation and hence devoting substantial attention to the field of reputation marketing and management.
Below are five importance of effective reputation management to a business;
1) It helps improve sales:
Businesses are created for the purpose of making profits. Any business that continually makes losses will no sooner have to shut down. Hence a key importance of reputation marketing and management is to improve sales. Studies have shown that 83% of people trust a brand recommendation from friends. A company with active reputation management tool will be in a better position to win customer's trust.
2) Damage control:
Just one negative review can tremendously damage the reputation of your business. Reputation management allows business to be aware of negative reviews shared online and can proactively deal with it before it goes viral or turns cancerous. A company that does not care about reputation management will not be aware of any negative review. You must be aware of something before you can deal with it.
3) It helps promote businesses:
Reputation marketing helps promote businesses. Often times we watch a company over the news donating relief materials or health supplies to a third world company in war or to a locality destroyed by natural disaster. We are often touched by this amazing act of kindness. But if we were to walk into a store the following day and find a product by that company, we would instinctively opt to buy it.
What the company did was reputation marketing, and it has inadvertently promoted its business, setting it on a course for greater gains.
4) It paints the business in a good light:
Reputation marketing, like is expected, helps paint a business in good light. It shows that the company cares about customer experience and service. The customer can feel a sense of belonging, and this can improve their trust indices. Trust is one of the most important variables in business.
5) It helps to identify growth opportunities:
It also enables interactivity between businesses and customers. The flaws of a product or areas of improvement in a product or service that may not be so evident to the manufacturer may be visible to a customer and such information may be passed across to the business.
This is the major reason games and app developers build and release the beta version of their games or apps, this allows fans to have a go at the new technology and suggest to them important areas that need adjustment or improvement. In reality, no tech product is ever perfect, the companies always rely on feedbacks from consumers to help them build better versions of their creations.
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