A good reputation is critical for businesses and helpful in gaining the trust of current and future customers. The aim of managing online reputation o.r reputation management is to shape and influence the public perception of a company, individual, or services. It is all about collecting information on, influencing, growing, and managing a company’s reputation or what is being said about a business enterprise, an individual, or about a group online.
According to statistics provided by a leading portal on an online reputation blog, reviews can literally make or break a customer’s trust in a customer, product, or brand. The blog cites that a whopping 85% of consumers trust online reviews as much as personal recommendations, while 60 % of consumers said that negative reviews made them not want to use a business or product.
As per a report titled ‘Online reputation management Market 2020: Prosperous Growth, Recent Trends, and Demand by Top Key Vendors like Grade Us, Reputation, HootSuite Media, Sprout Social’, the global online reputation management market is set to grow by a CAGR of 15% between 2020 and 2027.
A good reputation can be great for business and it ultimately translates into more revenue for the business. This is now backed by studies as well. According to a Harvard Business Review study, even a 1-star increase in rating can go a long way and result in a 5-9% increase in revenues.
In a digitally connected world a byte of data can boost or bite your brand
Customer review sites are playing a major role in the purchasing decision-making process not only in B2C but also in B2B products and services. Reviews can be collected by the company directly or third party review sites. The reviews can be public or private in nature. Reviews contribute to the online reputation of the product and hence it becomes critical for businesses to monitor and analyze their product reviews.
What are Reviews and Reputation Management Software?
In a bid to increase revenue, grow market share, increase stock prices, retain existing customers, and acquire new customers, companies operating in today’s business environment are betting big on reputation management software to help improve their business performance.
Review software keeps track of user’s online reviews about either companies, brands, products, or services online. It is useful in generating positive customer feedback and perception via review platforms which can in turn boost a company’s online reputation.
Using Reputation Management software, organizations can stay on top of their digital reputation using monitoring tools that scan social media discussions and posts, track online searches, and positive or negative reviews.
Reviews and Reputation Management software is used by companies to promote, influence, monitor and manage online review platforms and promote positive reviews of their brand or reputation online. It aids them in managing the search website results of their products and services.