This is an age of digitalization which have taken almost all the businesses online, from real estate to the agriculture sector, virtually every business in our economy to the digital landscape. Owing to the increasing importance and demand of the e-markets on behalf of its easy accessibility and convenience. Almost every business has been compelled to make their online presence.
Making the online presence of the business is just the first step in the right direction. Apart from shifting business online, it is immensely important for the growth of any business to look after its Online Reputation Management. As it is one of the most important aspects of running an online business successfully.
Online reputation management (ORM) is nothing but the formulation of a strategy that aims at positively influencing the perception of the public concerning an organization, business, individual, or any other entity on the internet. It helps in maintaining and promoting a business and its products and services.
Maintaining and managing an online reputation is critical for Business growth of any business. As it brings about several benefits with it. According to a study, more than half (54%) of digital marketers consider Online Reputation Management “very essential” to the success of their company.
Here are some reasons why online reputation management is critical for business.
Good Reputation Means Increase in Profits:
When there is a rise in the reputation of a business or a brand, naturally their profits are bound to go up as well. This is because of the increase in sales owing to the trust of other customers who brings with them new and relevant reviews to the online business. As every additional star or rating is going to attract more business which in turn is going to contribute to the growth of the business. Although it is a gradual process and a longterm investment, it’s returns are surely very high.
Develops a Higher Degree of Trust:
It is an open secret that Business which is considered to have a good reputation is likely to be trusted more than the rest. We as humans tend to go for brands that build a good reputation in the market. As behind the “good reputation”, we know there are a lot of promising reviews of satisfied customers and high quality of services and goods. The following research reflects on the same which shows that 83% of people trust brand recommendations from friends, and nearly 70% trust consumer opinions more than paid advertisements. Building the trust of the customers lies at the very core of online reputation management. Hence monitoring is one of the best ways to keep up with our online reputation management. Additionally, many might find that removing bad reviews can be a nuisance. Removal of negative content from places such as complaints board or cheaterland removal can be troublesome.
Lower Reputation Crises:
If an online business reputation is not managed in time, a slew of negative comments may dominate the online platform. If we do not start converting the negative comments and the reviews by managing them or converting them into positive ones, it can prove to be detrimental to the growth of the business. Hence effective online management strategy will result in the growth of the business as lowering the risk of reputation crises.
Hence, it is crucial for almost any online business to have a good strategy and tools for Online Reputation Management as it is critical for the growth of the business.