As a business owner, you may own many things, including your building, equipment, and inventory. However, the most important thing that you own is your business reputation. The ancient Latin writer Publilius Syrus said it well, “A good reputation is more valuable than money.” The reality is that a good reputation is powerful. It’s your most important asset. Reputation management, therefore, is truly crucial to business success.
What is Reputation Management?
Reputation management refers to the deliberate process of influencing, managing and controlling the aspects of a business’ reputation. That involves:
- The specific identity elements of the business.
- How other people and organizations view the business.
- How and what the business communicates about itself to others.
What Can Reputation Management Do for Your Business?
Reputation management certainly starts with information. People will form opinions about any business, and they will use those opinions for good or ill towards the business. So, you will need a good reputation to influence all your business outcomes. Honesty, transparency, and quality are the keys to good reputation management.
A good reputation:
- Attracts interested customers and builds supporters.
- Builds engagement with your supporters.
- Creates opportunities for word of mouth marketing. Customers will refer you and talk about you and their experiences can be very influential. Your reputation, therefore, becomes amplified.
- Benefits all your relationships—your employees, vendors, financial institutions and business partners.
- Buffers or softens the impact of problems or bad reviews, so any potential damage is minimized.
- Differentiates your business from others.
- Generates opportunities for business growth.
- Helps ensure your survival.
Who Maintains a Business’ Reputation?
The direct answer is, all stakeholders. You may want to perform all the reputation management functions yourself. Or, better yet, get professional assistance with an online reputation management company.
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