A company's reputation can make or break its success. In today's connected world, how a business is viewed can impact its value and growth.
Whether it's social media, content marketing, public relations, or customer feedback, you'll need to consider how these channels can affect your reputation. Every business should have a detailed strategy to manage how it deals with these channels and the challenges they create.
In this article, we discuss the importance of your corporate reputation and what you can do to protect your business's reputation online.
What is corporate reputation?
Corporate reputation is based on what people think and feel about your business. This comes down to a customer's experience with your service.
Corporate reputation often involves how customers view your brand, influencing whether they choose to do business with your company.
Building a robust reputation is vital in helping your business grow. You can achieve that by:
- Offering great customer service
- Having a clear brand identity
- Listening to feedback
Many businesses have big budgets and dedicated teams to manage their reputation.
Taking legal action may be necessary to protect a brand's reputation. You can take legal action against threats, such as trademark infringement by another business or false and damaging comments on social media.
What is corporate reputation management?
Corporate reputation management involves creating and maintaining a positive image of your company among your clients and stakeholders. By managing your corporate reputation, you can create a strong brand that drives growth and create positive relationships.
Why is reputation important in a business?
Managing reputation is crucial for a business, as it can directly impact your sales.
Customers are likely to buy more after reading positive reviews or comments from other customers or the media. However, negative reviews or comments could change how a customer feels about your company. This, in turn, could then put them off buying your products or using your services.
With most companies now having a presence online, being able to manage both good and bad reviews and comments is critical. The channels which you need to consider are;
- Your company website (such as its articles and blogs)
- Social media such as Facebook, LinkedIn, Instagram, TikTok or Twitter
- Product/service rating platforms such as Trustpilot and Feefo
- General news through the media, PR and events
Why do you need corporate reputation management?
In a national or international trading environment, there are examples of reputation management needing to be given consideration and priority. Businesses can quickly lose ground and, in some cases, can be unable to recover their brand.
You should monitor and manage your reputation (especially your online reputation) to build a reputable brand and grow your customer base.
Dealing with reputational management at an early stage, such as registering a trademark, can limit fallouts in the future.
How can online reputation management boost business?
The more you positively engage with customers, potential customers and the media, the greater your chances are of increasing your sales. Creating a brand that people feel good about interacting will help to increase trust and loyalty from your customers.
To ensure your employees follow the right processes when interacting as your brand online, you should create an online reputation management plan. This will give guidance on how to responsd to reviews, request for comments from the media and general guidance for behaviour on social media/online.
To effectively protect your brand you should also monitor what people are saying about it. By using online tools such as Hootsuite and Social Mention, you can track how people view your company and measure the amount of good and bad comments people make.
How do I manage my corporate reputation?
An organisation can manage its reputation effectively using well-thought-out strategies across traditional and digital channels, including;
- Social media
- Public relations
- Service ratings
- Corporate communication
- Corporate social responsibility activity
- Customer data policies and procedures
- Terms and conditions
Reputational risk management is crucial. A company’s reputation can also be managed by addressing negative content. Investigating false information can also help you manage your company's reputation.
Why should a business have a reputation management policy?
Lack of a clear reputation management strategy, both offline and online, can lead to a poor approach to managing reputation. For example, addressing negative reviews can undo proactive, positive customer engagement through online methods or videos and blogs.
Investing in a reputation management plan can significantly enhance your business's competitive advantage. A well-structured reputation management framework can enhance the consistency of your company's interactions with external stakeholders.
To promote a solid and consistent brand image that builds trust and credibility with your audience, your plan should include guidance for your marketing, sales, operations and any team that interacts with external stakeholders.
This proactive approach to reputation management will elevate your brand and foster a culture of engagement and respect within your organisation.
How can I measure and manage my corporate reputation?
Effective reputation management begins with the ability to monitor what people are saying about your business online. This requires software (as mentioned above) that tracks mentions across various platforms, including online reviews, social media, forums and articles.
It's crucial to remember that reputation management extends beyond just your customers and prospects. It also includes being aware of how your employees, investors and suppliers see your company.
Adopting a comprehensive reputation management strategy can provide valuable insights into your stakeholders' opinions and experiences. This can empower you to make informed decisions and uphold a positive reputation. This approach helps you stay ahead of potential issues and enhances your overall image, ultimately driving success for your business.
Sending out regular surveys can help you gauge how different stakeholders view your organisation. Once you have gathered the relevant information, you can create positive policies and procedures based on reality rather than guesswork.
Embracing reputation management should be a key part of your overall business plan to foster positive relationships and build a strong and reputable brand.
Get legal assistance from LawBite
LawBite offers expert legal support to help companies enhance their reputation. By ensuring your business is legally sound, you can create a positive image of your company for your customers, employees and potential investors. Our platform connects you to top-tier lawyers who can provide advice on trademarks, design registrations, data protection policies and terms and conditions. For more information contact us today for a free 15 minute consultation or call us on 020 3808 8314.
