Good reputation management can easily help a company gain trust. A good reputation means that the company is more credible than its competitors. Reputation management is more important than ever. 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. With reputation management tools like Sprout Social, you can implement a more effective and efficient strategy on social media and beyond. Brand reputation management is the process of monitoring how consumers perceive your business and taking strategic action when necessary to improve your brand image. It can also be useful to have a crisis management plan within your reputation plan to take action in situations that worsen quickly, are difficult to control, and can cause responsible parties to become frantic and not comply with standard guidelines.
It may seem simple, but the process of managing a company's reputation requires a lot of patience and work. BirdEye, a SaaS tool used by more than 50,000 companies, collects feedback from more than 150 online review sources to ensure you have a complete view of your brand's online reputation. Reputation management is an ongoing process, as it allows you to be aware of the public perception of your brand and address potential harmful situations as soon as they occur. Since your brand image leaves that impression on a person's buying decision, you should regularly monitor your online reputation.
Managing your company's reputation effectively requires the expertise of a reputation management company. Small businesses and startups benefit from reputation management strategies because they help create and maintain a professional business image. It can be useful to use reputation management software, especially if you work for a small or medium-sized company with limited public relations resources. This gives you a more complete view of your online reputation and what your customers are saying about you without having to go from one platform to another.
In this post, we'll provide a clear overview of brand reputation management, how to create a plan to manage your company's reputation, and high-quality tools to complement your process. And if you haven't already, be sure to try Sprout Social's full suite of social listening and reputation management features today. Cloud-based reputation and review management software also allows you to track current issues and topics to show you a broader picture of customer issues and provides competitive monitoring and performance analysis. An effective online reputation management strategy can provide you with new opportunities and information on how to increase brand awareness.