Technology has been changing rapidly. As technology advances, so does how we communicate and make decisions. The online world now plays a major role in how companies and public figures are perceived. For this reason, having an updated reputation management strategy in 2020 is more important than ever.
Not convinced? This article will provide 10 reasons why having an up-to-date reputation management plan is essential for a thriving business.
1. Your reputation on the internet is more important than ever before.
In the past few years, the internet and social media networks have become the go-to source for news and information. Because of this important change, a company’s online reputation can make or break their chances of prosperity and popularity. A strong, updated reputation management plan is crucial for marketing, as many customers will judge a company based on their appearance, behavior, and actions online.
2. There is now an expectation to speak up on social issues online.
Today, a company or CEO should be transparent with their audience. With the chaos and suffering caused by events like the Coronavirus pandemic or the United States Presidential election, people are feeling pretty sensitive to business behavior. These people often look to brands they trust for support or reliability. With widespread movements for equality and justice like Black Lives Matter, companies are often expected to speak up on these issues just as civilians do. In these cases, what you say and what you do not say can equally hurt your business.
During the summer of 2020, the popular transportation app, Uber, created a new campaign to discourage racism and show its users that it cares about every one of them.
For a business to thrive, your spokesperson should be vocal, take quick action, and be honest about how the company is handling the crisis. An updated reputation management plan ensures that your company has a team and platforms to stay on top of consumer opinions and your brand’s reputation.
3. Social media evolves and so should your reputation management strategy.
As years go on, new social media apps emerge that draw in millions of users. As a result, new apps can gain the power to influence their users’ interests, knowledge, and decision. Take the multimedia app, Tiktok, for example. Since launching in 2016 under the name Musically, TikTok has gained extreme traction and influence on today’s youth and even older generations. Today, people of all ages participate in making or liking videos on the app. From grandmas to babies, to mothers, to students, everyone can have a place on TikTok.
This past year, the app has provided several young stars with fame. Young creators like Charli D’amelio and Addison Rae have seemingly blown up overnight, gaining millions of followers a month, brand deals, and celebrity status. News publications such as NowThis News and CBS have created accounts on the app and earned thousands of views per day and arguably influenced political decisions among youths. Politicians such as Andrew Yang and Ed Markey have also created pages on the app, allowing them to interact with users and spread political awareness. These publications and public figures demonstrate the importance of a company joining new social media apps to stay relevant to all age demographics.
In 2020, updating your reputation management plan should consist of running social media pages on new and relevant networks that people love. Not only does this strategy help your brand remain relevant, but it also shows your audience that you want to change with them and be aware of what is going on in their lives as well.
4. SEO is becoming more difficult for controlling and improving online reputations.
SEO consultants now study usability factors and user experience in their analysis, recommendations, and search-oriented technical elements. In 2020, tricks to manipulate search engines to rank web pages higher have been replaced by mainstream marketing strategies. Additionally, there is a larger focus on user-centered design and solid technical website construction.
A company should consider updating their reputation management plan because aspects of reputation are now search ranking factors.
5. Social media profiles are increasingly important to a company or an individual’s identity.
Having social media pages allows you to portray an image of yourself that you want consumers and partners to see. These profiles are probably the first things that people search for when deciding whether or not to support you or your brand. A well maintained and active social media profile is likely to rank higher in search engine results and increase traffic.
In 2020, if a company neglects to update their social media profiles, consumers may write off the company as uninformed, uncaring, or not relevant. neglecting a company’s social media presence. As a result, users could resort to leaving negative online ratings and reviews.
6. Reputation management can save a company money in the long run
The Harvard Business Review has found that a positive reputation correlated with a company’s hiring costs and effectiveness. For instance, a company consisting of 10,000 employees can spend almost $7.6 million in additional wages to make up for the company’s poor reputation. An updated reputation management plan helps minimize or even eliminate this heavy cost for companies. Your company should be placing a larger focus on employer review websites, as these sites often rank higher on search engine results. On these sites, your company should address any negative employee feedback and try to solve any complaints so that these negative reviews do not overshadow your brand.
7. Professional online reputation management costs are dropping
If personal reputation management is becoming more affordable, why not explore the opportunity? In the past, these strategies were reserved for larger, wealthy companies. However, these services are now available to smaller companies. Reputation management not only improves the image of a brand but also increases the brand’s ability to reach more people.
With the reputation industry growing, there are now more companies offering flexibility and functionality to all types of businesses. Updating your reputation management strategy allows your company to implement simplified and efficient services that can boost your positive rankings and public image and help you prepare for any negative press related crisis.
8. Reputation management can increase a company’s revenue.
With proactive reputation management, a company’s profiles and website are likely to land on the first page of search engine results. In a study conducted by Forrester Consulting, researchers discovered that 54% of executives believe limiting unfavorable search results can drive revenue growth. Additionally, 42% of brands believe that reducing unfavorable search results can improve lead generation and 43% of brands feel that improving search results will increase conversion rates.
9. Exploring non-traditional reputation management strategies can help increase or maintain your brand’s relevance.
In 2020, brands should focus on the power that social media influencers possess. These individuals often run successful social media profiles and blogs. Influencers also inform their audience about the hottest news items and services to buy. These individuals are liked by many and wow their fans with their creativity and warmth. If your company was to collaborate with an influencer who you feel connects with your brand, their users might follow their lead and invest in your company.
Working with influencers provides their audience with a more personal view of your company or products, as they openly share experiences or multimedia content of them enjoying your goods or services. Followers tend to trust influencers’ opinions, and if that influencer likes your brand, you may be looking at a whole new pool of customers.
10. Business review monitoring is becoming easier and less expensive for companies.
In the past, formulating a reputation management plan or seeking assistance from a public relations company has been a bit costly. In 2020, numerous firms can provide your company with review monitoring services across several review sites and for multiple business locations. This is good news for large businesses with many chains because now, this monitoring can be done from smaller central offices and with less effort. As the number of providers is increasing, reputation management services become easier to manage.
Change may not be your favorite thing, but it is essential to ensure your brand stays relevant.
To remain in the public eye as times and trends change, your business also needs to make the proper adjustments concerning reputation management. Change is hard and humans tend to despise it, but it is necessary if your brand wants to continue connecting with consumers and being viewed positively. Reputation management has come a long way and will only continue to change. Having that said, updating your reputation management strategy in 2020 is one of the smartest, worthwhile things you could do to create rewards in the long term.