Contrary to popular belief, reputation management does not simply refer to addressing problems and fixing issues. Quite to the contrary in fact, it primarily refers to a process whereby brand reputation is proactively built and managed as a means by which to serve as the most powerful of all marketing tools for the business.
It’s something of a hybrid between marketing and customer service, containing key elements of both. It doesn’t mean hiding negative feedback and nor does it mean fabricating evidence of your apparent brilliance instead, it means being thoughtful and proactive with the development and maintenance of your own reputation by any (legitimate) means necessary.
So just to illustrate the importance of playing a role in your own brand’s reputation management, here’s a quick rundown of a few facts you really need to know:
1 – According to a recent study carried out by Deloitte, the vast majority of executives working with Fortune 500 companies believe in the importance of active reputation management. In addition to this, while around 60% of executives are convinced that reputation management is crucial, no more than around 15% are involved in reputation management.
2 – The results of a recent 1 To 1 Media Survey of the 1t1 Xchange Panel reached the conclusion that as far as professional marketers are concerned, the number one of marketing tools in the world when it comes to closing sales is trust. In fact, around 85% of professional marketers agreed that trust will represent the most important points of focus for most future marketing efforts.
3 – It’s no secret that millions of consumers turn to social media as a means by which to influence their purchase decisions. However, research from Pew Statistics shows that no less than 80% of people now readily use social media as a deciding factor in what they will buy and where they will buy it from. Suffice to say, the power and value of a strong social media reputation is borderline limitless.
4 – More businesses than ever before are actively seeking the services of or hiring reputation managers on a permanent basis. Statistics from Simplyhired have shown that hiring in this particular field has spiked enormously over recent years and is only expected to continue accelerating over the years to come.
5 – Contrary to popular belief, social media is no longer just for kids. Pew Statistics research show that approximately 50% of all adults now alone and regularly manage at least one social media account, highlighting the power of social media reputation management for target audiences of all ages.
6 – Additional data from Pew suggests that not only is the power of reputation growing like never before, but the power of conventional advertising is diminishing rapidly. While close to 80% of consumers state that they fully trust recommendations from other shoppers, no more than 15% trust what they see in advertisements.
And there you have it – six clear and conclusive reasons to give more than a passing thought to online reputation management for the long-term benefit of your business.