A business’s reputation is instrumental to developing loyal clientele and a trustworthy brand image. What individuals say about a company on the web and to other people affects the company’s image and their ability to generate sales. Reputation mining is an approach to determining the company’s current reputation and developing a campaign to create a positive image to the consumer.
The company’s CEO and board develop a vision and mission that the company strives to uphold in its business practices. According to a global corporate affairs group, 39 to 46 percent of a company’s reputation rests in the hands of the CEO. The number varies based upon the region. In the United Kingdom the number is lower than in the United States. Basically, the company’s ethos is built around the CEO and his or her vision.
For example, Motorola’s CEO Christopher Galvin led the company based upon his grandfather’s vision. However, as times changed, clients were seeking a new form of leadership. When Motorola’s CEO, Christopher Galvin, resigned, the price of Motorola’s stock increased by 10 percent. This increase would suggest that the shareholders had a problem with his leadership and the brand he helped the company create.
Building a positive brand awareness, however, is not the sole responsibility of the CEO. Each manager and employee is charged with exuding the vision of the company in order to build the reputation that the company seeks (see external communication). An employee that does not understand the vision of the company will exude an image to the consumer that is not congruent with the company’s values. Over time, poor experiences will erode the company’s reputation and eventually diminish sales. In an economy where individuals are cognizant of every dollar they spend, it is important to build a reputation that beckons the customer to return for repeat business.
The point of any business is to yield a profit by providing quality services or products. If companies are unable to do this, then perhaps leadership needs to change or the product or service needs improvement. Businesses have personalities just as people possess personality traits. Some people prefer the “personality” of one business over another. The key is determining the audience the business is trying to reach and exhibiting that personality to attract the customer you are seeking. Developing a vision and reputation that is suitable for the employees, but does not entice customers to purchase the product is pointless. Businesses without customers are not profitable and do not earn enough money to keep the business afloat. Companies must strike a balance with pleasing their employees and pleasing the consumer. Brand reputation is instrumental in developing repeat business.
Companies, like people, take years to develop reputations that can be tarnished in an instant by a vindictive person or a person is genuinely dissatisfied with the service they have been provided. In the age of Twitter and Facebook, poor service can travel fast to a multitude of people. Some individuals have networks that consist of thousands of people. Imagine what would happen to the reputation of the company if a respected member of their online community expressed that they received less than stellar service from the company. Instantly, the company’s reputation is tarnished and may lose a significant portion of business from that population. Businesses are becoming more cognizant of this particular phenomenon. Now, businesses are taking action to protect their reputation both online and offline.
Companies use Reputationobserver’s online media technology, in order to constantly monitor Facebook and Co. . The copmanies respond to issues customers present on these social media outlets. They use this information to develop products that customers want. Furthermore, they train employees to treat customers in the manner in which they would prefer to be treated. Feedback is important to developing brand reputation. Customers, who feel as if they have input, will be more likely to purchase a product and communicate positive remarks about the company. Positive remarks build positive reputations on the internet.
Contact us at request@reputationobserver.com
