A wise man who emphasizes on “Reputation” and its essence.
You must be familiar with the name “Warren Buffet” & if not, he is not just one of the most influential business tycoons but also the third richest man in the world. Why did we mention him? He said, “It takes 20 years to build a reputation and five minutes to ruin it.” Can you imagine, a man at the peak of his success point, owning all forms of materialistic luxury, having enough wealth to travel to the moon and back emphasized “REPUTATION.” It must have taken him struggle, mental strength, dedication, and experience to get to the pinnacle of his career. From the many lessons he learned through his journey he passes on his share of insight about “reputation” & its essence.
Why Reputation Management?
Reputation whether in the virtual world or the real one is an indispensable part of one’s journey. With almost everything shifting to the virtual reality world has seen a drastic shift in the curve of businesses shifting online, & reputation, believe it or not, still remains to be the topmost priority of any business or a brand
When online businesses were exposed hateful reviews, covert attack blogs, negative articles, silent slashes, unending trolling, and social media outrage they felt a desperate need of a service that repaired, enhanced & managed their online reputation.
According to Forbes, a study reveals that 97% of business owners say that Online Reputation Management (ORM) is important.
Here’s a quick & brief answer to what is ORM if you still need a clearer picture: –
ORM or Online Reputation Management is a continuous task that aims to build, cultivate, manage, and maintain your brand’s name and its good online standing. Like traditional reputation management, ORM is all about ‘perception’
ORM also goes by various names like brand reputation management, E-reputation management, web reputation management, online review management, internet reputation management, etc.
What can possibly damage your brand to avail of ORM?
The virtual community has a powerful voice and is extremely opinionated. Audience online is easily offended and ready for the backlash, and remember a social stigma can cause a great downfall.
Here are 5 factors that can damage your brand: –
1- Insignificant Social Media presence
2- Ignorance of online reviews
3- Irrelevant website content
4- Negative press coverage
5- Disorderly employee profiles
But, does ORM even have a future?
The answer is quite simple, your business’s reputation and its growth are directly proportionate to each other. The more positive the buzz about your brand the better it is for your business. The ORM industry is not only the fastest growing industry but also one of the industries that have not faced a downward shift in its growth graph.
Remember, 87% of consumers hold their decisions to purchase a product or service if they come across a negative review.
Does every business need ORM?
The answer to that question is a big YES!
All businesses having an online presence need ORM. To prove the statement here’s a rare case of a “Yacht” broker and Online Reputation Management: –
One of the world’s largest yacht brokers began to lose digital ground when they established a new agency. It was a sign of panic as their niche, luxury market, is highly competitive.
When all of their marketing strategies showed no results they helplessly turned to online reputation management experts.
In no time they had an entire brand image revamp. The process began from an online audit of the brand and traced their digital footprints. After enough information resources, the ORM agency provided optimization of the website’s content and launched a large-scale link building initiative. There were a series of efforts that involved the removal of bad links, suppression of negative reviews & comments, social media promotions, engagement with their target audience.
The entire image makeover delivered a significant increase in traffic and record sales.
Brand’s voice was clarified and a stronger visual identity was created. These practices not only gave the Yacht Company a new image but also provided consistency.
The brand saw a 300% increase in organic traffic value and reached sales in excess of $400,000,000. The firm also recorded the most yachts sold in the industry in a single year: 400!
Now that ORM seems pretty essential to you, here’s something more you must know
86% of businesses fail to convert their “prospects” into sales because of low star ratings. Ewom or ‘electronic word of mouth’ is real! People convey fifteen other people about a negative aspect of a brand but only 11 people about a positive aspect. WebFX reports that, in 2020, not exclusively do 61% have a higher assessment of a versatile friendly business, but, 67% of mobile clients report that they are bound to purchase a website’s item or service when the webpage is mobile-friendly.
The first page of search engine results now shows a brand’s star ratings, its online reputation, and reviews. If you think it’s a difficult era to take your business online without being hit by one of these reputation-damaging forces, you also must consider yourself lucky as there are excellent Online Reputation Management & Public Relations companies that are committed to their domain and can not only manage but refurbish your entire brand.