How does online reputation management impact your business?

Businesses with excellent online reviews tend to attract more consumers. Companies that are perceived negatively or have a lot of negative reviews miss out on big profits and opportunities. That is why businesses should strive to have positive online reviews.

How big is the online reputation management market?

USD 208.68 million
The Global Online Reputation Management Services Market size was estimated at USD 208.68 million in 2020, is expected to reach USD 239.99 million in 2021, and projected to grow at a CAGR of 15.33\% reaching USD 491.32 million by 2026.

Why Reputation management is so important in a business?

A good reputation management can easily help a business to gain trust. Hence, positive reviews can lead potential customers to trust the business even more. A good reputation means that the business is more credible than their competitors.

How important is online reputation?

A great online reputation is one of the most powerful marketing assets a business has. Not only do great reviews help give consumers trust in your business, but reviews can also help you rank higher on the search engines.

How do you evaluate online reputation?

Know where you stand by assessing your online reputation….Conduct multiple searches using keywords including:

1. Your company name, brand name(s), product names and names of key personnel.
2. Common misspellings of your company name or brand name(s)
3. Your brand in a positive light, “best brownies, Bloom Organic Bakery”

What is the concept behind online reputation management?

Online reputation management (ORM) is when, in order to address any negative or false comments, you actively monitor mentions of your brand on websites and social media. For example, you might release a public statement addressing the content of the story or publish a social media post in response.

How much do consumers trust online reviews?

Buyers Trust the Reviews They Read Online According to the latest online review statistics, nearly four in five (79 percent) consumers say they trust the reviews they read online as much as personal recommendations (BrightLocal, 2020).

What are the KPIs for online reputation management?

Below are some of the most important reputation management KPIs to measure the success of your program….Don’t Forget to Monitor Offline KPIs

• Customer lifetime value (CLV)
• Customer satisfaction surveys (both quality and number of responses)
• Word-of-mouth customer referrals.
• Estimated market share.
• Net promoter score.