Business Reputations are Earned – and Managed

When you first start your company, you don’t have much of a reputation to speak of. So where do reputations come from? We see two sides of this coin. Actively pursuing a business reputation The first is the reputation your business is actively pursuing. For example, if you’re trying to build a positive reputation, then you might invest in a brand management strategy, media relations, and a reputation management solution. Reputation PR can help you promote the image of your company you want others to have. Then, reputation management tools like Meltwater's can help you track your reputation across channels and see how it evolves over time using media monitoring technology (More on this in a moment, but you can already check out the best online reputation management software on the market). Earned reputation through people interacting with you The second side of the coin is other people: your customers, prospects, and the general public. Every time someone interacts with your company, you’re building your business reputation. These interactions don’t stop with transactions and customer service. When someone reads a news article, blog post, or social media post from you, they’re interacting with your brand. Other peoples' content, such as positive or negative reviews, also influences your online reputation. With both sides of the coin, your business reputation is earned. It comes from the opinions people form when they interact with you as well as from the work you put into it. Although you can’t tell people how to think about your brand, you can proactively manage your reputation to help tilt the scales in your favor using a reputation management strategy. Tip: Learn everything about online reputation repair if you need to fix it. Line graph and circle graph. What is Reputation Management? Just like any other form of management, reputation management includes planning, building, maintaining, nurturing and controlling an organization's or brand's reputation with all relevant stakeholders. To do so, you need a good reputation management strategy in place. This process can either take place in the digital or the real world. When going digital, it is important to have an online reputation management strategy in place. Why is Reputation Management Important? The longer you’re in business, the more your brand image will “fine-tune,” with or without your help. The most successful companies are those that take an active say in how people think and feel about the brand. That’s where reputation management can prove valuable. According to a 2005 study by Rosa Chun, senior lecturer at Manchester Business School, it’s unusual to find an internal reputation management department that’s directly responsible for managing corporate reputations. Instead, it’s often a shared effort. Marketing and communications handle the external perceptions, while human resources manage internal culture. Creating, curating, and maintaining a positive reputation for a corporation is no easy task, but one of the most important facets of human psychology is to be consistent. Research by Roger Martin of the Rotman School of Management has shown that a customer’s loyalty to a company or brand relies more on familiarity than organic “trust.” Customers love to do what feels comfortable, so companies that are quick to change their identity in the face of a PR disaster may be more likely to lose customers in the long run. For example, they might create lots of positive content to make any negative content matter less. The better approach is often a slow and steady one, focused on rebuilding trust through multiple channels.

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