MAM
Guest column: Why online reputation plays a key role in sales and ROI
MUMBAI: ROI (return on investment) can be improved with online reputation management. Technology has ensured everyone from the general public to potential investors are gathering information regarding specific businesses online. Managing the online reputation of the business has become the best possible way to achieve trust, growth, sales and success.
There are two sides to the return on investment equation. First, there is the actual benefit made from building a positive online presence and the resulting sales generated. Second, there is the calculation of lost revenue due to negative content showing up on the first page of Google. ROI for reputations can now be predicted using a few different approaches.
When it comes to social listening, social media data is tracked in real-time to test your brand’s loyalty among the audience. Such data could be customers’ feedback, direct mentions, competitors, products, and many more. As the media industry is always in focus both online and offline, following the consumer preference is essential for their success. It helps to identify crisis indicators in the media industry so that you can take the initiative to optimise your content to get better ROI by measuring your company’s impact on consumers. Social media monitoring is an effective approach to generating new leads and ensure satisfied customers. According to smartinsights.com, there are over three billion social media users worldwide. The number keeps growing annually. A section of these social media users is your customers while others are potential customers. You need to monitor the conversations they are having online to identify an opportunity. Thus, online reputation management (ORM) became a necessary strategy in treading the waters of digital marketing. Past and future clients are inclined to discuss the reputation of the business in order to assure success in the long run.
Free Value of Reviews
The value of positive reviews shouldn’t be overlooked. Reviews are the number one factor consumers consider when making a purchasing decision.
It is now a universal notion to believe that bad reviews and ratings on popular social media networks can bring an entire industry down if left unresolved. This is because most people tend to question the credibility and integrity of the business only with a single comment or review along the lines of “this is the worst company ever” or “I had a horrible experience.” A business impression can be built based on reviews alone, and this is why many digital strategists and marketers ask happy and satisfied customers to post their reviews online. By all means, reviews also increase understanding of a brand and business perception. Many people, especially those who are searching to invest in highly valuable and expensive products or even services, will always read individual reviews, not just overall star ratings.
It is now safe to say that the overall growth and future success of a certain industry heavily relies on their online reputation. That is why businesses have taken the step to remain wary of how the general public sees them online so they can check these issues and nip them in the bud right away. Indeed, online reputation is an important aspect of a successful business, but let’s take a step further and see how it plays a vital role in sales and return of investment. Another critical thing to consider when evaluating the ROI of your ratings and reviews is the impact they have on your local search rankings and overall visibility. 84 per cent of consumers conduct a local search at least once a week. If your business has a strong base of local ratings and reviews, you will appear more frequently in local search results, increasing your overall visibility and boosting your ROI.
We should understand that full control regarding online reputation cannot be achieved, and running a business or managing a company is never an easy task. But, it is important to keep in mind that business actions can be controlled and how you respond to customers, whether positive or negative will say a lot about your business. Online reputation can be managed to a certain degree and there are things that can be adjusted with proper online reputation management.
Make online reputation management a key focus of your business. Get ahead by investing in the right reputation management tool, then start planning ahead by setting goals and committing to drive success and sales.
Invest in efficient, timely and perhaps multilingual customer service. Your customers will appreciate it. And in the end, you will find that you can save a lot in advertising if you pamper your acquired customers a little more.
(The author is ORM Head, BC Web Wise. The views expressed in this article are his own and indiantelevision.com may not subscribe to them.)
Brands
Acko CMO Ashish Mishra to exit in July
The digital insurer’s marketing chief, who helped build the brand over nearly five years, is heading for the exit.
Ashish Mishra is stepping down as chief marketing officer of Acko, with his departure confirmed for July. He remains in the role for now, and an official announcement from the company is expected shortly.
Mishra joined the digital insurance start-up in August 2020, making him one of the longer-serving marketing chiefs in India’s fintech and insurtech space. Over nearly five years, he played a central role in building Acko’s brand presence in the country’s fiercely competitive digital insurance market. More recently, he was closely associated with Acko Life’s Unmixed brand philosophy, a proposition built around pure protection products stripped of the investment components that have long complicated traditional insurance offerings in India.
Before Acko, Mishra spent over a decade at HSBC in a series of marketing leadership roles spanning the Middle East, including regional marketing manager for credit cards and advance propositions, brand and media manager, and marketing manager for retail banking. Earlier in his career, he worked on the agency side, serving as senior brand service manager at Lowe Lintas and as executive for brand communications at DDB Mudra Group.
His exit leaves Acko with a sizeable gap to fill at a time when the brand is pushing deeper into life insurance and doubling down on its direct-to-consumer positioning. Whoever takes the seat next will inherit a brand that Mishra spent five years building from the ground up. That is not nothing.
