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. A good business reputation is important for potential consumers, as it indicates reliability and honesty.
Customers are willing to pay more when they do business with companies that have earned a strong reputation, which in turn helps attract talented employees (who will remain loyal). Reputation determines a person's social position in society. It is a measure of their influence. A person who has a good reputation is definitely preferred for better jobs and for assuming leadership roles.
And a good reputation has never hurt anyone. However, it requires a coherence of efforts and actions with character and grace. Reputation should not be correlated with popularity. A person can be extremely popular, but it can be for the wrong reasons.
In this way, a person's reputation separates them and makes them special. A positive online reputation can not only help attract customers, but it also increases the chances of them staying with your company. If you have a bad reputation, even if that bad reputation is biased or misinterpreted, you are at an automatic disadvantage. One of the first steps you can take to monitor your online reputation is to advertise your business on Internet directories such as Google My Business and Yelp.
No matter who you are or what your goal is, without a good reputation you'll find it difficult or almost impossible to achieve success. A good business reputation is important because it builds trust and facilitates the growth of your most valuable relationships and will have a ripple effect on your entire network. If they are considered trustworthy and ethical (or not), this image can be conveyed to your company through their actions or words; if it is positive, so will the company's reputation. A recent study found that 8 out of 10 companies saw an improvement in their market value when their reputation improved.
Technically, everything can affect your company's reputation (including the personal reputation of your CEO), making it impossible to compile an exhaustive list. In many cases, a company's reputation is its most important asset and, to that end, it's in its best interest to make it the best it can be. Not only does this improve your company's reputation, it also helps you attract more new customers in the long term. Your online reputation includes any other factor that could influence how a customer or potential customer perceives your online business.
From there, you must consider the factors that go into your reputation to exercise any control over it. However, in return, investors expect to be rewarded with stable and consistent returns, not with unnecessary reputational risk. Elizabeth Arden coined the phrase “Repetition makes reputation and reputation makes customers”, and I think she was absolutely right.