Reputation Management – Do You Need It?

Customers in this market are taking in much more research than ever before. Think about it, when you shop online do you look at the reviews or ask a friend if they’ve heard of that brand?

Online consumers are scanning the internet for the best possible price while attempting to avoid ripoffs or scams.

Dishonest business methods, as known as, scams are steadily increasing as Americans are beginning to spend more time in their homes due to COVID-19.

You must understand that no matter how great your business seems to be doing, people are still researching you online. It is imperative that you protect yourself and your future.

Where Do They Research You?

Online, to be blunt… Research reveals that every gender, culture, and/or generation utilizes sites such as Google to find both good and bad reviews before making any sort of purchase.

Possessing a positive online presence via an effective reputation management plan is imperative.

It is also necessary to remain up-to-date and find ways to allocate your income towards your online reputation.

Who knows, in a few years the interview process may be automated and able to scrape Google for negative content… Now is the time to act.

A firm base of information online such as photos, blogs, and social media will further assist in suppressing any negative content that may have been ranking on Google prior.

Some businesses and individuals say “it’s just not in our budget”…

Nevertheless; when a negative post or review shows favorably on high ranking sites such as the infamous, they may start to second guess their reputational choices.

When organizations receive a bad review they normally spend the next month attempting to reach the support team of said platform to voice their objections or rebuttal(s).

This process rarely works and is a complete waste of time. Most businesses will even rebrand when a single review is left… This is the power of online reviews.

Fortunately now as a business owner, you do have options. By responding in a polite manner and addressing their complaints to the best of your ability while only presenting facts and not opinions, you are likely to retain other customers that may have been put off had you not responded at all.

Using a Reputation Management Firm

This is a clever alternative and is well worth the expense. Understanding what type of service best fits your business and its overall goals/mission.

For starters,  head over to Google and simply enter your name or your company name. Do you see any results stemming from the Ripoff Report on the first two pages of Google, Bing, and/or Yahoo?

Yes? We can almost guarantee that you are losing at least 22% of your overall revenue due to that one result spooking away a fair portion of your audience.

Let’s break it down a little bit more…

Lost Revenue Breakdown

  • A used auto dealer sells his vehicles at an average price of ~$12,000/car.
  • Roughly 60% of his potential buyers are exploring used car options online amongst their local dealerships.
  • However, this particular used car dealership holds a bad Google review that ranks 4th overall for “local used car dealerships”.
  • The predicted loss of business stemming from this negative post is just about 50% of all their online shoppers.
  • Now if they had used car dealership sales 100 vehicles per month which equals a total of 30 lost sales. (100 x 60% = 60 – 50% = 30 sales)
  • Lost revenue for this used dealership is approximately $360,000 in sales. ($12,000 x 30)

Startled by the outcome? And before you say it, yes let’s account for this being a depreciating asset which is still a $90,000 loss in one month.

There is no disputing that you need a solid online reputation management plan because your business is only as good as its reputation.

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