If you asked any business owner what some of their most critical resources are, they’d probably say things like their products, services, employees and customers. While all of this is true, there is one aspect of your business that encompasses all of these – that a lot of entrepreneurs just don’t spend enough time working on.
Your reputation.
You’ve already spent a great deal of energy creating a valuable business. Now, your business’s reputation and online presence will either create a steady flow of customers or dry up any buyer interest. Here’s why building up your reputation will prove to be invaluable to your business.
Your Reputation Precedes You
Before completing a purchase, customers are researching you online.
85% of all consumers say that they trust online reviews as much or even more than personal recommendations. And with 97% of consumers using reviews to make purchasing decisions, you’ll want to have a good handle on your reviews and ratings everywhere your customers research.
What people are increasingly looking for when they make purchasing decisions is an overall experience. One that allows them to trust your business, and see that you have a deep understanding of their needs, wants, or challenges they’re looking to solve.
Online Presence is the Key to Visibility
Your organization needs to develop a good reputation over time to grow, and that takes proactivity. You’ll want an online presence across review platforms, ad channels, social media, your website, and more that accurately reflects the business you’ve worked so hard to build.
Don’t forget that a lack of an online reputation means no visibility overall. This means that you’re reaching just a fraction of your target customers, or worse – losing potential customers.
A Positive Reputation Increases ROI
One of the biggest reasons why online reputation management is so impactful for companies has to do with an increased return on investment, or ROI. Your marketing dollars stretch farther and your conversion rates increase when a company that people like and trust is behind them. To name a few stats:
- Customers are willing to spend 31% more with your business if you have a lot of positive reviews.
- A company can increase conversion rates by as much as 20% by increasing their star ratings.
- Reviews that only gave a business one or even two stars led to businesses failing to convert a massive 86% of prospective customers.
Future Success Means Growing Your Reputation Today
In the end, never forget that there are likely a lot of businesses out there that offer products and services similar to yours to the same target audience. Not only that, but more and more of these competitors are cropping up in the marketplace all the time.
Therefore, your overall reputation (and especially online) doesn’t just become important – it’s the rock-solid foundation upon which your competitive advantage will be built. When given two choices, both B2B and B2C buyers will always take the one that they think can offer a higher quality experience. Already having a great reputation in place is a big part of what will get new customers through the door again and again.
A poor reputation will hurt your brand, your profitability, and your ability to grow. Thankfully, a positive reputation will amplify your brand, skyrocket ROI, and generate growth. Once you make that level of online reputation management a priority, there is truly no limit to what you can accomplish.
