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The reputation marketing field has evolved from the marriage of the fields reputation management and brand marketing, and involves a brand's reputation being vetted online in real-time by consumers leaving online reviews and citing experiences on social networking sites. With the popularity of social media in the new millennium reputation, vetting has turned from word-of-mouth to the digital platform, forcing businesses to take active measures to stay competitive and profitable.
EFFECTS ON BUSINESS
A business's online reputation can have a critical impact on its success or failure, with more than 3 out of every 4 people preferring positively reviewed businesses over negative ones. The impact of negative reviews may even affect a business's ability to secure financial assistance as banks and other financial institutions check a company's online ratings as part of the application process. In today's non-private, social society it would be plausible to see that one's business could be affected by what people say about it, the owner, or employees online.
Reputation marketing and building a good online reputation are critically important. However, they are not stand alone growth strategies. Reputation marketing yields the most positive returns when coupled with other online and offline marketing efforts since the effectiveness of these efforts are increased by a good reputation. The popularity of smart phones have made it almost essential for businesses to be mobile-friendly with click-to-call, click-to-map, and instant review options readily available. Although the food industry seems to be most impacted by online reviews, experts predict that doctors, contractors, surgeons, accountants and many other local business owners will see more and more online reviews due to changes in search engines.