Why Online Reputation plays an essential role in Sales and ROI?
ROI can be improved with online reputation management. Technology has ensured everyone, from the general public to potential investors, gathers information regarding specific businesses online. Managing the company’s online reputation has become the best possible way to achieve trust, growth, sales, and success.
There are two sides to the return on investment (ROI) equation. First, there is the benefit of building a positive online presence and the resulting sales generated. Second, there is the calculation of lost revenue due to negative content showing up on the first page of Google. ROI for reputations can now be predicted using a few different approaches.
Social media data is tracked in real-time to test your brand’s loyalty among the audience regarding social listening. Such data could be customers’ feedback, direct mentions, competitors, products, and many more. As the media industry is always in focus both online and offline, following the consumer preference is essential for their success. It helps to identify crisis indicators in the media industry to take the initiative to optimize your content to get better ROI by measuring your company’s impact on consumers. Social media monitoring is an effective approach to generating new leads and ensure satisfied customers. According to smartinsights.com, there are over 3 billion social media users worldwide. The number keeps growing annually. A section of these social media users is your customers, while others are potential customers. You need to monitor the conversations they are having online to identify an opportunity. Thus, online reputation management (ORM) became a necessary strategy in treading digital marketing’s waters. Past and future clients are inclined to discuss the business’s reputation to assure success in the long run.
The Value of Reviews
The value of positive reviews shouldn’t be overlooked. Reviews are the number one factor consumers consider when making a purchasing decision.
It is now a universal notion that bad reviews and ratings on popular social media networks can bring an entire industry down if left unresolved. This is because most people tend to question the business’s credibility and integrity only with a single comment or review along the lines of “this is the worst company ever” or “I had a horrible experience.” A business impression can be built based on reviews alone, and this is why many digital strategists and marketers ask happy and satisfied customers to post their reviews online. By all means, reviews also increase understanding of a brand and business perception. Many people, especially those searching to invest in precious and expensive products or even services, will always read individual reviews, not just overall star ratings.
It is now safe to say that a specific industry’s overall growth and future success heavily rely on its online reputation. That is why businesses have taken the step to remain wary of how the general public sees them online so they can check these issues and nip them in the bud right away. Indeed, online reputation is an important aspect of a successful business, but let’s take a step further and see how it plays a vital role in sales and investment return (ROI). Another critical thing to consider when evaluating the ROI of your ratings and reviews is the impact they have on your local search rankings and overall visibility. Eighty-four percent of consumers conduct a local search at least once a week. If your business has a strong base of local ratings and reviews, you will appear more frequently in local search results, increasing your overall visibility and boosting your ROI.
We should understand that full control regarding online reputation cannot be achieved, and running a business or managing a company is never an easy task. It is important to keep in mind that business actions can be controlled and how you respond to customers, whether positive or negative, will say a lot about your business. Online reputation can be managed to a certain degree, and some things can be adjusted with proper Online Reputation Management.
– Make online reputation management a key focus of your business. Get ahead by investing in the right reputation management tool, then start planning by setting goals and committing to drive success and sales.
– Invest in efficient, timely, and perhaps multilingual customer service. Your customers will appreciate it. And in the end, you will find that you can save a lot in advertising if you pamper your acquired customers a little more.
Contributed by: Ajay Malvankar, ORM Head, BC Web Wise
