The goal is to highlight the positive qualities of the brand and promote them in a way that converts potential customers and buyers into customers. Executives know the importance of the reputation of their companies. Companies with a strong positive reputation attract better people. They are considered to offer more value, often allowing them to charge a premium.
Your customers are more loyal and buy wider ranges of products and services. Because the market believes that these companies will generate sustained profits and future growth, they have higher price-benefit multiples and market values and lower capital costs. In addition, in an economy where between 70 and 80% of the market value comes from intangible assets that are difficult to assess, such as brand value, intellectual capital and goodwill, organizations are especially vulnerable to anything that damages their reputation. Reputation management is the practice of influencing in stakeholder perceptions and in public conversations about an organization and its brands.
It includes monitoring perceptions and conversations, responding to reputational threats, and proactively taking advantage of opportunities to improve reputation. There are many ways to promote your reputation online, including on your website, through review lists, and on social media. They tend to focus their energies on managing threats to their reputation that have already arisen. The key objective of reputation management is to show the positive characteristics and qualities of the organization in order to convince buyers and potential customers to buy your product or service.
Many business leaders are already familiar with online reputation management, or ORM, but as the CEO of a reputation management company, I've discovered that few really know about reputation marketing and what it can do to increase sales and build the online image of a brand. Try looking for different types of conversations, as all comments are useful for understanding perceptions and improving your reputation. In addition, companies with a strong positive reputation attract better talent and are perceived as offering the most value in their products and services, often allowing them to charge a premium. Below, we'll look at concrete examples of reputational marketing so you can get inspired and get to work to promote your reputation.
Your reputation is what your customers believe your company represents and the good work they believe you do by living up to the task. Better understanding what your online and offline reputation is like can allow you to find areas for improvement. Creating an effective reputational marketing strategy involves monitoring your current digital and traditional reputation and implementing practical steps to improve your image. In short, reputational marketing is an important strategy for any company if you want to take your company to the next level and dominate the local market.
Here are four places to promote your online reputation and how each of them demonstrates the benefits of reputational marketing. Always research and monitor conversations about your company to get an idea of your reputation, follow the steps in your plan, and act on the feedback you receive. By promoting your positive reputation, you establish trust in customers before they talk to a sales representative and alleviate potential customers' concerns by showing them signs of trust.