A company's reputation or brand is its most valuable asset. It makes a company unique and provides a space to stand out amongst competitors. Of course, making a positive and meaningful impression on potential customers is top of mind when promoting any business online, especially if there are some less-flattering reviews or news items out there.
A less than stellar company review, or an unexpected dip in the stock market could set a business back and put a stake in their digital footprint. In fact, a reputation risk study by Deloitte noted that 41% of companies reported a loss of revenue from a reputation-related event.
Luckily there are strategic ways to avoid a decline in revenue as well as other risk factors stemming from reputation-altering situations. The obstacle most companies face when managing their online reputation is creating the overall strategy.
Below, we’ve outlined some of the most important benefits of leveraging reputation management as part of a business’ digital marketing efforts, in the hope we can all gain a better perspective.
A company’s online reputation influences consumers' perception of the brand
When was the last time you engaged with a new brand without doing any prior research? It’s probably tough to pinpoint an occurrence if there are any at all. Today, people consume around 11.4 pieces of content before making a purchasing decision. Social media posts, online company reviews, and insightful blog content are just a few examples consumers rely on, and what appears in a company's search results.
Influencing potential customers through this diverse set of digital outlets can be done by strategically sharing meaningful content related to everything from the company’s culture, partnerships, new product launches and more. Doing so paired with simple SEO guidelines can help boost the right signals to search engines which enhances the ability to rank when a consumer searches the brand, and can even help suppress any negative search results. The first page of Google is in essence the consumer’s first impression of the company. Your results on brand searches are key to getting a foot in the door.
Maintaining a favorable online reputation can positively impact revenue
Executing a solid online reputation management strategy will offer benefits to all areas of a business, revenue being one of the most sought after. Just four negative articles can deplete 70% of potential business according to Moz. While there are numerous variables to consider when determining the exact dollar amount for a company’s reputation, having a negative reputation will certainly create more complications to entice new and returning customers.
Recovering lost revenue stemming from a brand threat is possible:
- By strategically rebuilding and redefining the company’s narrative online. Slowly but surely, the company can dig itself out of the situation.
- Partnering with a PR agency. This will help mitigate any rumors and help spread the appropriate message accordingly.
- Including the right keywords within the press release. Not only will this publicly relay the message, it will help trigger Google’s ranking factors and fortify the content businesses want consumers to view in search engines.
- Incorporating elements such as backlinks in the press release to the company’s social media pages.
The good thing about online reputation management is that once the strategy is in motion, and actively being monitored and adjusted when needed, the risk of losing any more revenue is quite small. Here are three best practices for monitoring social media and online news:
- Assign somebody to monitor the businesses’ social media accounts
- Set up notifications on social channels to monitor for the company name, product names, as well as relevant social media handles.
- Set up Google alerts
Leveraging a reputation management strategy can help obtain top talent for your industry
A company's employee review profile is their secret weapon to obtaining the most qualified candidates for the business. Including review management as part of your reputation strategy is advised, especially if the company has a not-so-nice appearance on a review platform like Glassdoor and Indeed. Similar to consumers turning to various pieces of content before making a purchase, jobseekers rely heavily on employee reviews. Having positive reviews is the obvious way to reel in top talent, but showcasing the contrary is just as helpful. The secret is to engage with most reviews left by current and former employees. Engagement is key and will likely clear up any uncertainty felt by a reviewer.
69% of Glassdoor members agree that their perception of a company improves after seeing an employer respond to a review. So, by taking the time to respond you prove that you are actively working to improve your brand and that you value your employees’ perspectives.
Actively engaging with all reviews will also signify to search engines that the company’s review profile is trustworthy and should rank in the company’s top search results. Leveraging review management is an important factor in the company’s hiring strategy, let alone reputation, and could help set the company apart from competitors when jobseekers are on the hunt.
Assessing the company’s situation at hand is always the first step in identifying the depth of a company’s reputation and digital footprint. Every business is different, which means online reputation management isn’t one size fits all. Because curating a preferred online narrative asks for a lot of patience and can be challenging for businesses and executives, it’s important to lead with the benefits when proceeding with the approach that’s right for the company.
by Yoni Grysman on February 22, 2021
Yoni is a Director of of one of our 360 marketing services teams. He is all about inbound strategy and a fully certified HubSpot trainer. Yoni works with clients from various industries including automotive tech, cybersecurity, finance and more. His not-so secret, marketing secret? Everything in marketing comes down to goals and audience. If you don't know who you're talking to and what you want to achieve, you're shooting in the dark. That's why he likes to build every project from the ground up, starting with the goals and target audience.