Hello everyone, let’s continue to discuss reputation management and the power of a good name. When I think about reputation management, I think it’s important that we put it in the simplest terms and in its most simple term-reputation management, is building and maintaining a good name. As a small business owner you know that your business lives and dies by the constant stream of customers who buy or utilizes your products/services.
The Power of a Good Name – Online
Developing and building a positive brand online will pay huge dividends when done intelligently and with a purpose. Here are three key facts to remember:
- Online traffic to the top 10 review sites increased by 158% in 2011. (Compete.com)
- 90% of online customers said that they trust reviews from people they know; 70% of online customers trust strangers, 27% of online customers said that they trust expert advice, only 14% of online customers trust advertising and as low as 8% of online customers trust celebrity endorsements. (Econsultancy, July 2009, Erik Qualman, Socialnomics)
- 51% of potential customers will use the Internet before they buy anything from local shops or restaurants. (Verdict Research, May 2009)
Keep in mind that review sites on the internet have shown tremendous growth and clearly demonstrate how customers are changing the ways they communicate, socialize and make their buying decisions. The power of a good name can be the difference in an increase in revenue or a complete decline in business and a tarnished reputation.
The Power of a Good Name – Value
A research on consumer reviews found that negative online reviews strongly influence the purchase decisions of customers. Another study discovered that about eighty nine percent of customers trust online reviews, and roughly eighty percent have changed their mind about making a purchase when viewing negative information that they found online.
A whopping eighty seven percent of customers stated that positive reviews had a positive influence when they decided to make a purchase. As a small business owner it’s very important that you keep these things in mind when you’re interacting with your customers. Remember, you’re developing and building your brand; your good name.
The Power of a Good Name – What You Don’t Know CAN Hurt You
There’s a need to keep track of your ROI. A good example is the fact that close to thirty percent of Business to Business marketers spends millions of dollars every year on some form of social media marketing and a large percentage of those marketers aren’t even tracking the effectiveness of their marketing efforts. As small business owners, we must keep track of our return on investment! We have to know what is being said about our company and how effective our marketing efforts are in our attempt to build our brand.
Your goal should be to outsmart your competition; don’t try to outspend them. You must track your marketing efforts to ensure you reaching your ideal customers and that you’re successful in your attempts to leverage the power of a good name.