Reputation management on social media is becoming more and more important, and engaging in the activity properly can add significant Social Equity to your brand.
Reputation management on social media can take many forms. There is not one single network where a brand can monitor and manage its reputation; it is an ongoing process that needs to be heavily intwined with a social media strategy. If, however, it is done properly, then the value of that brand stands to increase significantly.
There are two main areas where Social Equity is generated from reputation management on social media: effective reputation management creates brand loyalty and crises are handled effectively and in some cases staved off.
Though reputation management on social media also benefits brands in a number of other ways, these two aspects add the most value to a brand in both the short and long terms; brand loyalty and crisis management.
Brands survive because of consumer loyalty. Brand evangelists and loyalists are very difficult to cultivate, but when your brand finds them, you have struck oil.
The benefit of brand loyalists is that they will advocate for your company in good times and in bad, but these gems only come about when you are treating your customers properly. And that means before, during and after the purchase has been made.
Properly managing your reputation online through engagement makes it easier to both acquire new brand loyalists and keep them happy over the course of their involvement with your company. Think about it: people might be talking about your company (in either good or bad lights) and if you are not monitoring your online reputation, you will never know about it.
Finding and engaging with your brand loyalists also relates closely to crisis management on social media.
Manage a Crisis
In the world of social media, a second can change the perception of your brand indefinitely. Now imagine if you let that second turn into minutes, then hours, then weeks. Eventually, your brand is known for nothing other than that second, and your reputation is damaged irreparably.
Properly managing your reputation means addressing these issues in real time with an active audience on social media. Before issues spiral out of control, you can get a handle on a situation and potentially resolve a crisis before it is out of your hands.
Crisis management on social media by proper reputation management can do wonders for building Social Equity for your business. The ability to prevent disasters before they happen means maintaining your brand’s sterling reputation, and allows the value of your brand to remain undamaged.
Reputation management is an important area for brands to focus on when it comes to social media. Not only does it help brands better understand their consumers, flaws and catch on to issues, but it also adds a considerable degree of value both in the short- and long-run.
Do you manage your reputation on social networks? Tell us in the comments below or on Twitter!