Online Reputation Management Services In London
Smart business leaders must recognize the crucial role that business reputation management programs can play. To do so, you must first embrace the fact that your company’s value is directly proportional to its public reputation. Now, thanks to the Internet, that reputation has gone global, and can be enhanced or damaged by a single incident spread virally online, that is why you need AKR’s Online Reputation Management Services in Lonon
Business Reputation Management
Business reputation management means using online and offline tools to set public perception of your company, instead of allowing someone else to do it for you. This is not an easy or inexpensive task because it’s labor intensive and requires significant communication with stakeholders. But the payoff can be significant in terms of revenue and company growth.
Corporate Reputation vs. Brand Reputation
Business reputation is the measurement of how certain stakeholders – including customers, employees, and investors – view your company. Harris Interactive, an influential polling and marketing firm, uses six characteristics to determine a company’s “Harris-Fombrun Reputation Quotient.”(1)
Those characteristics are public perceptions about a company’s:
- Emotional appeal
- Financial performance
- Work environment
- Social actions
The “corporate reputation” – or how the company itself is perceived – is different than the “brand reputation.” Stakeholders do not always view the two as synonymous.
For example, video gamers probably have a strong opinion about the PlayStation 3 brand, but not necessarily about the Sony Corp., parent company of that brand. Or take Nike. Remember the outrage over the wages the company paid young foreign workers? That low opinion was directed at the company, while perceptions of the quality and comfort of the Nike Air line of shoes remained high.
Reputation and the power of the Internet
The first step in successful business reputation management is recognizing the power of consumer opinion and viral marketing.
After having a positive or negative experience, those stakeholders can go online, post entries to a few blogs or other forms of consumer-generated media, and, within hours, communicate a message about a business to a potential worldwide audience of tens of thousands.
Earlier this year, blogger Amy Jussel tried to get a statement from Target about a possibly offensive billboard erected in Times Square. The company sent a snooty reply that it did not conduct “non-traditional” media interviews. That created a wave of negative opinion about the company among influential bloggers, who accused Target of arrogance.
As easily as that, Target had a business reputation problem that required crisis management.
In a survey of Internet users, roughly half reported going online to do research before making certain purchases, according to a report by the Pew Internet & American Life Project (2). A Harris Interactive poll (3) found that the Internet had twice the influence of TV and eight times the influence of print media on consumers in Germany, France, and the U.K.
As you can see, implementing your business reputation management program is imperative and its benefits can be very rewarding.
Where is Business Reputation Management going?
This is a hot field right now, and it only looks to keep growing.
The Internet is going to continue to make the business world smaller, giving more and more power to the stakeholders through the spread of consumer-generated media. The days of a company hiding from a negative reputation are over.
Youth aging into that coveted 18-34 demographic will have grown up on online social networking, and studies show they already are cynical about advertising or any corporate-supported messages.
That means they will rely more heavily than previous generations on input from peers when developing opinions on corporate and brand reputations. They’ll also make extensive use of the Internet to research purchases.
It’s already critical for companies to effectively manage their reputations. In the future, business reputation management programs will be as important to a company’s success as the actual product or service it offers.