How To Manage Your Business Reputation As A Small Business Owner
Introduction
How important is managing your business reputation? Someone could post misleading information or one negative review. It could be an unconsidered tweet, or Facebook post. It could also be a malicious allegations or one employee gaffe. One seemingly innocent post – and as a result, there goes that hard earned business reputation.
Today’s world is a connected world. Anyone can refer a business by simply posting a social media link. Research shows that up to 90% of potential clients are referred from reviews and online mentions. You should therefore take managing your business reputation seriously.
Table of Contents
- What is business reputation management?
- Examples of managing business reputation
- Benefits of managing business reputation
- Importance of business reputation to business success
- Achieving a good business reputation
- Managing a bad business reputation?
- Some key elements of reputation management
- Research and monitoring
- Want to become a reputation manager?
- What services do reputation management companies offer?
- What is the pricing for reputation management companies like?
- Conclusion
What is Business Reputation?
Business reputation simply entails information about a business that is easily accessible to the public. It could be of different sorts. For example, reviews based on feelings, thoughts, experience and facts on that business. Such facts could be biased or true.
What is Business Reputation Management?
Before considering managing your business reputation, you have to know what it entails. Reputation management involves monitoring and managing your brand’s perception by others. That is to say, ensuring the business is presented in a positive and accurate manner.
Although, this may sound simple, it is not. Managing your business reputation involves not just improving perceptions. It includes fixing wrong perceptions.
Who are the stakeholders involved when managing your business reputation? These include clients of the business, the employees and the investors. Others are the government, the media and the boards. In other words, it includes virtually everyone in contact with the business.
Examples of Managing Business Reputation
Certainly, you can cite an example of a restaurant with a good reputation. Let us look at a few instances of managing a business reputation.
Example 1:
- A customer complains of delay in service by your business. Perhaps, a late payment or a delivery that is late.
First, you have to react quickly. Otherwise, this would deter new customers from patronizing the brand. Other times, you would have to give more elaborate answers to questions asked.
Example 2:
- When responding to reviews or comments, do you try to create a better customer relationship? For instance, do you personalize your answers? This is done for instance, by adding the responder’s first name.
Example 3:
- When a customer is seriously unsatisfied, you have to talk privately to them and ensure the problem is solved. You can extend offers if necessary. Be a pro at managing your business reputation without arguing with the customer. Most importantly, remember, negative reviews can be helpful. How? You use them to steer your business to better performance.
What Are The Benefits of Managing Your Business Reputation?
- First, you are prompting business sales from customers. This comes from Optimizing the Customer Experience. The very first contact point of the customer with your brand is key. Above all, first impression matters.
Consequently, managing your business reputation properly here is critical. What you share here will help in customer acquisition.
- Second, managing your business reputation helps you discern improvement gaps. Most importantly, honest reviews help improve trust in your brand. More so, you are increasing confidence in your investors.
- Again, you are spurring better performance from your employees. All other stakeholders also become more committed.
- Finally, properly managing your business reputation shows competence and credibility. As you respond to negative reviews, you show professionalism. Similarly, your reputation increases. In the same vein, your credibility increases. What’s more, customers can trust you to handle difficulties when they arise.
The Importance of Business Reputation to Business Success
From the fore-going, one thing is certain. Your business reputation is critical since it not only attracts customers, but it also keeps them coming back to you—or not. Moreover properly managing your business reputation can keep you ahead of your competitors. Some other importance includes the following.
Professional Image
Your business reputation is linked with the right image for your brand. There are situations where a formal professional image is required. on the other hand, some situations need a more open and accessible image.
Credibility & Trust
Managing your business reputation properly can make you more trustworthy than your competitors. How? When you satisfy your customers, they will refer your business to friends and family. As a result, your brand gains referrals.
Customer Acquisition
Before you began your online campaign, I am sure you performed a brand perception survey? Managing your business reputation involves putting the results of that survey into play. In other words, you include customer likes in your service offering. On the other hand, you remove what they do not like. Above all, this increases new customer acquisition.
Customer Retention
It is rarely smooth sailing. Sometimes you could find misleading posts and information online. They can ruin your reputation. More so, you may lose some hard-earned customers. consequently, you have to quickly correct those misleading information.
Recruitment
Do you know that good online reviews attract top applicants? Especially since majority of companies use social media for recruitment. Certainly, few people would want to work for a company with a bad reputation.
Search Engine Visibility
Most importantly, when last did you check the digital footprint of your business? Input your business name on Google. After that, go through the initial result pages. This can give you an inkling of your corporate image.
Potential customers do a lot of searches. Meanwhile, research indicates a loss of up to 70% of businesses when several negative articles appear. Certainly then, sustaining a professional business image is key to managing your business reputation.
Therefore, an Online Reputation Management (ORM) strategy must be implemented regularly. For example, creating a listing and profile in local online directories is a good start.
Achieving A Good Business Reputation
What are some ways to build a strong business reputation?
Keeping Trust
Managing your business reputation includes strong proactive measures. You would not wait until your reputation is threatened. Likewise, the confidence of your clients, customers and stakeholders should not be threatened before building trust right? To clarify, you must build a foundation of competence and trust for unshakable support at such times.
The role of all team members
It starts with you. Everyone in the business is a brand ambassador. Similarly, everyone builds trust and credibility in the business with their contacts.
Certainly, this should be cultivated in all team members. Everyone must see the whole picture. Above all, their words, actions and attitude should help in managing your business reputation.
Going the extra mile
You know what Community Social Responsibility (CSR) entails right? Giving back to the society help in managing your business reputation. This is in a broad sense by the way. It could be free shipping services (considered); family and friends discount offers. Likewise, you could simply do something extra to satisfy a customer.
Be friendly, courteous and professional
Sounds basic right? However, imagine a reputation for being always on time. Remember how you choose certain banks because of the better smiles and greeting? In the same vein, could it be the body language and professionalism of their staff?
Consistency
Certainly, It is easier to destroy than to build. In short, consistency in doing the right things help maintain a good business reputation.
Managing A Bad Reputation
Meanwhile, what causes a bad reputation? What if your brand is gaining a reputation of being less friendly? That is to say less courteous and less professional? How do you consequently manage your business reputation?
Gain insight
First, you should get more information. This can be as simple as asking for feedback – honest feedback.
Own responsibility
Second, take responsibility whether for action or inaction. Apologizing may not be comfortable for you. However, it is a necessary first step in managing your business reputation. In addition, you can give assurance of it not happening again.
Demonstrate competence and change
Furthermore, start implementing changes to correct the reputation. You have gained insight on what the customers do not like; you have to take steps to change that perception. Setting realistic goals can help. Moreover, you can put performance checks in place.
Need help?
More so, do not hesitate to get help from qualified Reputation Management Companies.
Be patient
Finally, acknowledge that the turnaround could take longer. Therefore, continued patience and consistency is needed.
Some Key Elements of Reputation Management
Business Management and Strategic Intent
Good business management is important for effectively managing your business reputation. Every team member must know your mission, vision and culture. In addition, they should understand the values and how the business is run. Otherwise, your brand and its stakeholders cannot create a reputation. As a result, they cannot get others to support it.
Marketing Strategy and Alliances
The marketing strategy plays a role in managing a business reputation. Likewise, so do implementation and strategic partnerships. All of these are indeed linked with the brand’s strategic intent. For example, if the reputation of a strategic partner is tarnished, it affects business reputation.
Internal Communication
The perceptions of the employees are a core element in managing your business reputation. There must be effective two way communication between all stakeholders. Consequently, this builds good team dynamics and morale.
Human Capital
This includes the technical skills and operational capability. In addition, the capacity for growth of your employees is involved.
Social Investment and Impact
Finally, this element considers the business performance as regards giving back to the society. Such impacts have to be long-lasting and sustainable.
Research and Monitoring
Perceptions change especially in a vibrant economic environment. Such perceptions – whether internal or external -have to be monitored. Continuous research and monitoring is therefore an important element of managing your business reputation. Areas to be monitored include first, Review Websites (such as Google, Face book). Second, Social Media (such as face book, twitter and instagram). In addition, Mentions (in social media, blogs, forums, news websites and so on).
Moreover, Competitive Benchmarking is important. You need to know how it compares to competitors. Similarly, you may decide to track social activities, sharing times and social analytics.
Want to become a reputation manager?
First, you would need a university degree in communications. It could also be in advertising, marketing, public relations, or technology. Similarly, you could look for specialties in reputation management in colleges.
Second, you could earn certifications
Finally, you could go for professional training from Association. One such association is Online Reputation Management Association. Another is the International Association of Business Communicators.
What Services Do Reputation Management Companies Offer?
- Search Engine Visibility: They ensure your brand ranks higher in search engines. In addition, they counter negative information in search results with positive content.
- Content Marketing: They make sure your business content posted online are of the highest quality. These could be write ups, videos, images, etc.
- Monitoring Social Media Profile
- Internet websites monitoring
- Competitor Benchmarking
What is the pricing for reputation management services like?
Various pricing models are applied. Some have with fixed rates. However, others offer customized pricing depending on the necessary strategies. In any case, an initial analysis of the brand is done before a cost estimate.
In addition, you can choose to go for a timed contract. It could be a monthly, quarterly or annual contract.
Conclusion
In conclusion, today’s connected world requires every business to build their online and offline reputation. Consequently you must ensure you obtain the right reputation management service for your business. Moreover, know your needs, and do proper research on the company you choose. Most importantly, keep managing your business reputation properly.
