Reputation determines the social position of a person in society. It is a measure of their influence. A person who enjoys a good reputation is definitely preferred for better jobs and for taking on leadership roles. And good reputation has never hurt anyone.
Executives know the importance of their company's reputation. Companies with a strong positive reputation attract better people. They are perceived to provide more value, often allowing them to collect a premium. Your customers are more loyal and buy wider ranges of products and services.
Because the market believes that these companies will generate sustained profits and future growth, they have higher price-profit multiples and lower market values and capital costs. In addition, in an economy where 70-80% of market value comes from intangible assets that are difficult to assess, such as brand value, intellectual capital and goodwill, organizations are especially vulnerable to anything that damages their reputation. Brands with a favorable online reputation can also expect to reap greater profits. If people like your brand and trust it, they're more likely to buy from you rather than less favorable options.
A good reputation will also instill perceived value in people, which can allow you to charge more for your products. So you can not only sell more volume, but you can also do it at a higher price. Your reputation ultimately determines your future opportunities. This is because others' perception of you precedes you even before you enter the room.
You may not even be given a chance if your reputation has negative connotations. On the other hand, a good reputation can lead to opportunities when you didn't even expect them. You should always put your strengths and values first, especially at initial meetings, to increase the likelihood that future efforts will be offered to you. It has been extensively studied in recent years, in the light of the ease with which information is transmitted and falsehoods spread online, as well as the effect of reputation on trade.
Nowadays, most people understand the reputation of a brand through the lens of search engines and social networks with a certain amount reserved for the physical world. People want to make the best decision and base their selection on the person or company whose reputation seems to be superior. Here are some more revealing statistics that show exactly why it pays to spend time and effort to maintain a positive online reputation. As we have explored, a positive reputation can provide group inclusion, while a negative one can ostracize you in a social environment or lead to job loss or employment problems in a professional setting.
If coverage exceeds the awareness threshold, but most stories are negative, the company will not benefit from individual positive stories and bad news will reinforce its negative reputation. However, in return, investors expect to be rewarded with stable and consistent returns, not unnecessary reputational risks. The elected executive must regularly report to senior management and the board of directors on what the main reputational risks are and how they are managed. At the end of the day, the success of your person or company will always be reinforced by an excellent online reputation, and there is no doubt that having additional resources to ensure that your reputation within your industry is top notch is the way to go.
In addition, when endowed with a good reputation, an online business can avoid legal lawsuits, as a plaintiff may admit that the company's excellent public reputation could frustrate its chances of winning. Contingency plans for crisis management are as close as most large and medium-sized companies approach reputational risk management. While these plans are important, it is a mistake to confuse them with the ability to manage reputational risk. Whether you apply for a job or attract business opportunities, a good reputation affects your bottom line.