Online reputation management: Are you investing enough resources?
The concept of online reputation management (ORM) has gathered much steam of late with businesses increasingly making investments to ensurethat their ORM is on the right track.
According to a study, 97% of business owners felt that ORM is key to their business.So, why is ORM important and what are the resources you can deploy to make sure you have a positive ORM? Let’s find out.
Importance of ORM
In the digital age, where customers are more vocal than ever before and don’t shy away from voicing their grievance online, a negative comment or statement can dent the image of your company and hurt your long-term objectives. Interestingly, a negative word, thought or comment spreads faster than a positive one.
It’s estimated that a single negative online review can cost a business an average loss of about 30 customers. On the other hand, a positive ORM takes your business to newer heights by:
Increasing sales: Today, most customers look for online reviews before purchasing a product or opting for a service. A positive ORM leads to increased sales by building a positive image around your brand. Also, through engaging social media posts on various platforms, you can convert potential leads into sales.
Build credibility: Today, the Internet is giving customers a platform to raise their voice. If they aren’t happy about a product or service, they air their grievances online. An ORM strategy ensures you can quickly address the concern and turn a negative review into a positive one. It helps you to build credibility as a brand that takes care of the needs of its customers.
Attract top-notch talent: As a business owner, you need to attract top talent to ensure smooth operations and boost productivity. A positive ORM helps you entice quality people in your organisation.
Encouraging reviews from previous employees act as a feel-good factor for future potential candidates. A poll found that only 1 in 5 job-seekers consider employment with a company that has a 1-star rating.
Resources for maintaining a positive ORM
Maintaining a positive ORM is a combination of many things. It involves constant monitoring of your brand on the internet, gauging reviews on various review sites, closely analysing social media channels and addressing negative statements at the earliest.
While you, as the head of your venture, can do it on your own, it’s may be a little taxing considering the other business commitments that you might have. This is where you may need to rope in professionals to do the job on your behalf. There are various companies offering integrated ORM services. These firms have the latest tools and technology to track and monitor your online presence and to counter negative statements.
ORM packages are costly and can cost upwards of Rs.85 lakh a year, if you hire the services of a specialist firm. The high cost can be easily offset with business expansion loan from Reliance Money. The loan available at a competitive rate of interest can help with the required funds to maintain a positive ORM and take your business to newer heights.
