The Truth Is Told Here
The advancement of technology in the last few years has provided customers easy access to due diligence online before they buy from a business. And so, businesses that aren’t prioritizing their customer’s best interests are missing out on a big chunk of the market. Naturally, they will slowly go out of business due to their lack of online reputation. However, companies leveraging this new technology will continue to steal market share and impose dominance within their sector.
The great Warren Buffet is known to have said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
The days where people could start a business do nothing and just hide behind their websites to make money are long over. In today’s evolving fast-paced world of business, the online reputation of a business is crucial.
Effects on Businesses
Research indicates that more than 3 out of every 4 people prefer positively reviewed businesses over negative ones. A business’s ability to even secure financial assistance from banks can be impacted as banks and other financial institutions also check a company’s online ratings as part of the application process. Hence, it’s extremely important to market your company’s reputation.
Many businesses are in the position where the company provides excellent service and their existing customers adore them but have never left reviews. Which in turn produces similar effects as negative reviews. Bare in mind that when you have a large amount of consistent positive reviews, those reviews lessen the impact of one or two negative reviews you may receive.
Customers have the tendency to trust online reviews more than they trust advertising. 70% of consumers trust online reviews in deciding whether or not to make a purchase.
As a result, your business needs to be doing more than collecting 5-star reviews. You also need to market reviews strategically where potential customers can see them.
Today’s reality is that all other marketing efforts carry no weight if you don’t have reputation marketing backing it up when potential customers look you up online. However, till this day many business owners overlook this. Reputation marketing when used effectively grows your business.
Other Benefits of Reputation Marketing
Having more positive reviews than the competition demonstrates your superiority over them to your customers which can lead to the added benefit of Pricing Power. Typically, customers are willing to pay more if they believe that they’ll receive a superior experience and product. By having superior reviews and a larger online presence, you invariably prove your company and your product’s worth. And this is just the start of where you really see reputation marketing pay off.