“Protect your reputation. Money can be made again, but a lost reputation is gone forever.”
This statement credited to Sam Zemurray of United Fruit pretty much sums up everything you need to know about the importance of maintaining a stellar reputation.
Unfortunately, this is the digital age, and there are more and more ways to tarnish a previously good reputation within a brief period. Some instances of poor reputation can plunge a company into financial troubles and leave it struggling.
A good example is in 2017 when flight attendants on an overbooked United Airlines flight forcibly removed a passenger. The incident was recorded on video and sparked outrage all over the world. As if the company’s PR woes weren’t enough, its stock dropped sharply about 4% over the following days. This decline wiped out around $1 billion off the United’s market value.
While this is an extreme case, the truth is many businesses are experiencing hits to their reputation every day — poor reviews, unfavorable social media comments, word-of-mouth criticisms, and so on. That’s why it’s a must to monitor your business’s reputation constantly. The best way to do this is through a reputation score. Let’s take a closer look:
Understanding Reputation Score
A reputation score is a way to measure how much people trust you, your business, and your brand
online. It provides a way for you to learn more about your company’s reputation and compares it with your competitors, within the industry, and within the whole market.
Just as lenders use a credit score to gauge how trustworthy you are regarding financial decisions, we use a reputation score system to know if people can trust your business and brand. We calculate it by taking various materials online, such as customer reviews, online listings, surveys, and reach into account.
Your reputation score helps you know how your business is doing when compared to other competitors. Generally, reputation scores are calculated using a 1,000-point scale, with 1,000 as the highest and 0 as the lowest.
Your reputation score can be defined between the range of “very poor” to “excellent.” That way, you’ll know whether your online reputation is helping or hurting your business or brand.
Why Is My Reputation Score Important?
Some of you may wonder why you need to take your reputation score seriously. Maybe some may also think that “bad publicity is still publicity.” However, that saying may not always be true on the internet. Plenty of potential customers are on the internet searching for businesses that provide what they are looking for.
Most online potential customers will search for information about your business first before they make a purchase. 55% of people will search online for reviews and recommendations before purchasing, with 47% visiting the company website. So, if these online users come across negative reviews and comments about your business and brand, it’s highly likely that you will lose their trust and them as customers. That’s why what people say about your business online can make or break you.
How Do I Know My Reputation Score and How Do I Improve It?
To calculate your reputation score, you’ll have to work with a digital marketing agency that offers reputation management services. A reputable digital marketing agency will ensure that your business’s online reputation is working to your advantage instead of sabotaging your chances of growing your business.
There are plenty of ways to improve your reputation score. However, some of the easiest and most obvious ones have to do with what your customers have to say about your business. You’ll have to deal with the negative reviews first since they contribute to a low reputation score.
Answer negative reviews in a professional and friendly way and resolve the problem if you can. That way, you can show potential customers that you value their experience regarding your brand. In some cases where you receive negative reviews, like Google, you may want to learn how to remove a Google review.
You can also encourage your satisfied customers to leave positive reviews about your business. Positive reviews from happy customers help elevate your reputation score. It will also encourage potential customers to try your products and services because others did and were delighted.
Your online reputation online can make or break your business. And one way to know how good your brand is doing compared to your competitors is through your reputation score. If your reputation score is low, there’s still a chance to turn things around. Remember, a good reputation online is what most online buyers are looking for nowadays.
Want to grow your online reputation score? Tulumi can help. We are one of Florida’s leading digital marketing agencies, specializing in reputation management, among other services. Let us help you improve your business’s reputation score so you can gain more profits. Call us now at (800) 481-1720 to get started!