- February 22, 2018
- Posted by: admin
- Category: Blog
In business, a reputation is everything, and it takes only one scandal to dismantle it. In 2010, Toyota experienced a recall of 10 million cars. Compared to the 200 million vehicles Toyota had previously sold without issue, the recalls did not seem significant to the company. To consumers who drive their most precious cargo, the prospect of uncontrollable acceleration was enough to cause a $35-billion-dollar loss in stocks.
Like many other companies who face a crisis, Toyota ignored the mechanical issues until after the crisis had transpired. If business leaders should learn anything from the multiple examples of reputation management, it is that consumers want to see them react at the precise moment, take their needs seriously, and rectify what went wrong. The only way to do that is to implement a strategy to avert a crisis before it becomes one.
Here are the top six reasons to implement a reputation management strategy.
Establish a prominent social media presence
Providing accurate and trustworthy information is essential to building an online reputation. It is also a primary way to boost marketing initiatives because you are establishing your company’s authority to consumers. While you use social media presence to educate and promote your brand, you can also create a network that allows you to respond quickly to any situations that arise.
Hire and Train Social Media CSR
Did you know that eight out of ten businesses think they provide excellent customer service, but only 8% of consumers feel they receive it? For every ten employees, poorly trained employees lead to $42,000 in lost revenue annually. Likes, shares, and comments build an enterprise’s reputation and consumer confidence. Even in the most negative circumstances, a friendly attitude can overcome much with a courteous reply or a gesture to help someone who needs it.
Did you know that nearly half of social media consumers cite responsiveness as the principal reason that prompts sales? When consumers support your brand, they will tell other consumers which is why reputation management is critical. Based on a survey conducted by Word of Mouth Marketing Association, two-thirds of CEO’s say that customer referrals drive sales, but only 6% said they had a strategy in place to target social media consumers.
Prevent Small Situations from Becoming Disasters
A critical part of reputation management must include a plan to maintain your brand. Some business leaders think that their established reputation speaks for itself. Consumers interpret silence as an acknowledgment of negligence. It is critical to take charge of a small issue before the internet does it for you. Consumers understand that problems occur, but they will not tolerate a company trying to sidestep the responsibility for it.
Engage and Listen to Feedback
Use various social media platforms to target demographics based on their preferred method of delivery, but do not forget to respond to every comment so that they see your active participation. If you are not engaging with consumers, you are missing an opportunity that your competition is taking full advantage. Consumers provide excellent feedback to improving or scaling product lines. They also let you know the issues they experience. You have an opportunity to hear their complaints and then engage with them to acknowledge their concerns.
Enhance Marketing Campaigns
As with all things in life, the more consistent the time you put into marketing, the more considerable the amount of information you will gather. When you understand what your consumers want, you have the knowledge to brand and scale product and services. You can use each social media platform to post relevant and educational content that targets users by age, gender, or location. After performing an analysis, you also know which platform users prefer comments, videos, or images which provides insight into advertising.
Establishing your authority in an industry is just as critical as maintaining your character, trust, and dependability. If you would like to enhance your social media presence and establish a reputation management strategy, contact Frogman Media Group to learn more about our marketing services.