A study by the World Economic Forum shows that over 25% of a company’s value comes from its reputation. The issue with this is that many companies aren’t prepared to manage reputation risk drivers that don’t fall under their immediate control. Now that third party review websites are so popular, businesses need to have a strategy to manage what is said about them online.
Over half of all individuals in the world now use the Internet on a regular basis. In order to build a positive image of their brand, businesses need to do more than just be present in the media and work on increasing their market share. They have to shape the way their customers see them too. As a lot of discussion about brands takes place online, this has given rise to the Online Reputation Management (ORM) industry.
Status Labs is a company that specializes in providing online reputation management services to various clients. Businesses aren’t the only ones who use their services. Individuals, such as artists, entertainers, business people, athletes and politicians also need to keep a close eye on what others are saying about them online and promote a positive image of themselves.
There are a variety of techniques used by Status Labs to promote a positive image of their clients. They work hard to push positive information as close as possible to the top of search results on Google. Another important service they offer is help in removing false or libelous information from social media, discussion forums and consumer review sites.
A brand needs positive online feedback and reviews to thrive. Studies show that 70% of consumers make their buying decisions based primarily on online reviews. 84% of buyers say that online feedback about a brand has a certain influence on what they buy.
While it’s not possible to just scrub all negative remarks about a brand from the Internet, there are various things that companies can do to minimize their impact. Simply responding quickly to criticism or negative reviews can do a lot to protect a brand’s overall reputation.