Reputation Management - What are people saying about your business?

Image courtesy of www.jhgmediagroup.com

Reputation Management is the practice of attempting to shape the public perception of a person or organization by influencing information about that person or organization.

For business owners, reputation is very important.  Reputation is defined as the opinion that people in general have about someone or something or in this case, about your business.

A good reputation is synonymous to a good name.  A business with a good reputation will inevitably attract more customers than the next, and though they may not admit it, customers are willing to pay a premium price for products in a reputable business over another business.

A company that has a good reputation operates on the premise of ethically responsibility, corporate social responsibility, is customer-focused, provides quality products and services and is reliable.

Ethics is very important in business operations.  It encourages proper business practices as it relates to issues such as discrimination, bribery, corporate governance and social responsibility.  A company that is ethical strives to operate above board in all its activities.

Corporate social responsibility is a critical component of a business’s operation.  CSR as it is more popularly known speaks to a business practicing initiatives that benefit society.  This ranges from philanthropic activities such as charitable contributions, providing jobs and/or training to youths in the community or implementing ‘green’ business operations.  Importantly, CSR builds goodwill and endears the business to the customers and other members of the community.

A customer-focused business is concerned about the specific needs of the customer and supplying those needs to a T.  The business also provides an outlet to receive feedback from customers and implements those suggestions that are workable.

Quality products and services and reliability are also hallmarks of a company striving to create and maintain a good reputation.   It is important to note that reputation management may be practiced both online as well as offline.