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How online can affect the bottom line – media monitoring for marketers

June 09th, 2015 - Posted by Doireann Clabby in Media Monitoring

rep management The web is no longer a passive, top-down means of communication. With social networks, online review platforms consumers have a platform to be heard. This presents a great opportunity for marketers to interact with their customers and prospects and know what they are saying.  It is almost certain that some of them, somewhere, are talking about you.

The recent $5.5billion in fines meted out to five major banks for rigging the foreign exchange markets is a perfect example of how not to manage an online reputation.  Within 12 hours of the announcement of the fines, there were an estimated 3,000 Tweets varying in degree from criticism to howls of outrage; expressions of anger which it seemed the banks were content to ignore.

This new web – where everyone has an opinion and the ability to express it – has forced transparency on all who depend upon their good reputation to do business.  Good business practice in the age of transparency means embracing communications channels with your customers – Facebook, LinkedIn and other networks – and not hiding from criticism but dealing with it quickly and in public.

Online reputation management is knowing when and how to respond to what people are saying about your company, your brand or your services.  That means taking a proactive approach to monitoring your reputation regularly, not simply when you have some good news to relay or a new product to launch.

Online Reputation management tips for marketers

The web is no longer a passive, top-down means of communication. With social networks, online review platforms consumers have a platform to be heard. This presents a great opportunity for marketers to interact with their customers and prospects and know what they are saying.  It is almost certain that some of them, somewhere, are talking about you.

The recent $5.5billion in fines meted out to five major banks for rigging the foreign exchange markets is a perfect example of how not to manage an online reputation.  Within 12 hours of the announcement of the fines, there were an estimated 3,000 Tweets varying in degree from criticism to howls of outrage; expressions of anger which it seemed the banks were content to ignore.

This new web – where everyone has an opinion and the ability to express it – has forced transparency on all who depend upon their good reputation to do business.  Good business practice in the age of transparency means embracing communications channels with your customers – Facebook, LinkedIn and other networks – and not hiding from criticism but dealing with it quickly and in public.

Online reputation management is knowing when and how to respond to what people are saying about your company, your brand or your services.  That means taking a proactive approach to monitoring your reputation regularly, not simply when you have some good news to relay or a new product to launch.

Online Reputation management tips for marketers

There are a range of tools to help a marketer monitor a brand's reputation – from simple Google Alerts all the way up to professional online reputation management (ORM) companies with packages to suit all budgets. For those without the money to hire an ORM outfit, here are some relatively simple steps to protect and enhance your brand through reputation management:

Take transparency seriously: Do not hide when bad news breaks – be open and honest about it.  Your customers are much more likely to trust you if you admit to your mistakes.

Earn respect and work hard to maintain it.  As Warren Buffet said in what is probably his most quoted quote: ""It takes 20 years to build a reputation and five minutes to destroy it."

Monitor what people are saying.  You need to know when something negative is being said but monitoring social media can also be a lever to create business.  More and more people are using Facebook and Twitter to find out about brands and to ask questions.  Responding promptly can help to ensure these leads become customers.

Take complaints seriously.  Not every online moan will be legitimate but most deserve the courtesy of a response. Even if it is maintaining a holding pattern by simply responding with a "we are looking into it", replying promptly can help to prevent a social media storm.

Check your Google profile every day.  Search engine algorithms have changed radically in just two years.  It is now entirely possible that the top-ranked entry about your company could be a series of bad reviews on TripAdvisor, not your website.

Make sure you own your company's social media profiles and regularly update them. Invite your customers to interact with you on your pages and stop others hijacking your good name.

Write about your brand, your markets and your areas of expertise regularly.  Be that by blogging or submitting analysis as guest blogs.

Employ your biggest online weapon: happy customers.  When somebody says something good about your brand or product, celebrate it.

LexisNexis Newsdesk is a media monitoring and analytics solution that allows you to search, analyse and share critical information necessary for making data-driven decisions and monitor and improve your online reputation. It gives decision makers rapid and easily digested data on key news, events and trends that affect a business with comprehensive coverage across media types, languages and countries.

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