It’s not surprising to see companies paying money just to improve their reputation online. In fact, a lot of brands are doing the same to establish trust from potential customers. The financial industry is no different from retail businesses, as counsels, advisors, and financial firms need to have a desirable image to get more customers.
Despite the changing digital trends, one thing remains and that is positive reviews from happy customers. The word of mouth still applies up to this day, but there should be proof of the good service. This is where online reviews come in to help people distinguish a good service from the bad ones.
People rely highly on customers’ reviews to know if a financial company delivers its promise. Because it’s not easy to get feedback from a customer, most firms or advisors rely on reputation management services just to protect their brand.
So, what exactly is reputation management and how does it affect the financial industry? Let’s dig deeper into this topic and find out the perks of consulting a reputation management company.
Shaping Public Perception
In business, especially in show business, there’s a term called ‘crisis management’ when managers pay a lot of money to experts to deal with a problematic situation. Crisis management could come in many ways, for instance, shifting the attention of the public to a different issue just to forget the bad thing about a celebrity.
Sometimes, crisis management in the financial industry deals with the negative connotation about services, and customer dissatisfaction. This is pretty common in the insurance industry when customers leave bad reviews on an insurance company.
The thing about reputation management is, it is trying to put on the best foot forward to enhance a person’s reputation. It’s a set of strategies aimed to monitor and enhance the image of a person or organization, capitalizing on good performance and behaviors. To put it simply, reputation management is not the objective, rather a long-term process to focus on the reputation asset.
The reputation assets are intangible, but financial companies and advisors need to continually monitor and manage their strengths, reputation and preventing vulnerabilities. The financial industry is prone to vulnerabilities as they deal with people’s money, assets, and investments. Therefore, it’s essential to capitalize on the good things and make these things work for the company or individual.
A clear example would be posting good reviews from customers who are satisfied with the service. These responses can be displayed on social media platforms and websites. There’s a reason why many companies do this, and this is to establish a good judgment from people who don’t have any idea about the brand or service.
In the financial sector, building the trust of people is the first step, and often the hardest thing. To make people trust your words and promises, you have to convince them. Now, convincing is hard if done online—companies and advisors only rely on representation, reviews, and image. To capitalize on these things, companies need to start shaping the public’s perception of their branding and services.
Shaping the opinion of the public isn’t an easy feat, however, digital experts can plan, strategize, and enforce solutions to make it happen. The Internet is a vast area that no one can take control of, but by developing effective tactics, bad issues and conflicts can be pushed behind to make way for the positive responses and feedback.
Speaking of feedback, there’s nothing more encouraging for people than to see a satisfied customer. Good reviews and positive feedback encourage people to buy or get the services of a particular brand or company. It is responsible for making people trust a financial advisor, counselor, and the entire company.
The Magic of Online Reviews
According to Invesp, customers are willing to spend 31 percent more on a business with excellent reviews. This isn’t a foreign concept as anyone would want to receive excellent service, especially when money is involved. Financial firms can benefit from a reputation management service as people tend to do some research first before spending their money on any purchase.
Before Google provides a hassle-free and easy platform to conduct research, it’s also possible that potential clients can see a bad review or feedback that turns them off. Around 61 percent of customers look at product reviews before buying a product or service. With this figure, it’s easy to tell that people needed more reasons to let a financial firm manage his or her money.
Online reviews serve as the face of the company, providing a glimpse of their products and services. If the feedbacks are positive, people can have a sense of security and assurance that they can receive a good service. While bad reviews are unavoidable, companies now have the leverage to turn the bad into good.
Financial firms have the power to share only the good side of the story, with customers praising the company for its effective service and good products. This is what most financial companies are doing, getting rid of bad reviews, and putting more good ones on the surface. That’s why when customers look for you online, they can only see the positive feedbacks and not the bad ones.
Reputation management also involves reflection, reset of strategies, and removing unfair negative reviews. Competitors and disgruntled customers can be avoided by blocking bad commentaries, especially in social media. Digital experts can review all responses and highlight useful ones showcasing a good aspect of the service provider.
For accountants and accounting firms, it also matters to assure customers that they are in good hands. By teaming up with digital experts, it’s easy to strategize and find more ways on how to get the trust of a potential client.
Review generation is one way of flooding the website and social media with positive reviews. This move also offsets the negative ones, so financial companies can have a better image and leg up on the competition.
The online presence is a crucial component of a business’ personal branding. Having a rock-solid foundation and system helps to protect this image, consistently looking trustable and credible for people. Reputation management is cultivating the good reviews, promoting it, so a financial advisor, accountant, or a financial counselor can only appear good online.
By the way, things are usually done, companies receive both positive and negative responses from customers. This information allows people to determine whether the service is good or bad. Now that technology is moving fast, businesses can already enhance their reputation so they can stay relevant to customers.
With the generation of good reviews, companies are the ones who benefit. Most people easily trust businesses that seem to look good online—comprising good reviews with no loopholes. But the thing that most businesses miss is to strategize, so bad reviews stop, and customers are truly satisfied.
Part of the reputation management strategy is to identifying the bad reviews, making actions, and compensating for the bad experience of customers. This way, people can still vouch for the sound response of the company to correct the irregularities. These things are only the basic things that financial companies can do in order to save their reputation. There are a host of strategies that exist, and only experts can properly enforce them.
More than the unforeseen situations, financial firms need to encourage people to trust their brand, services, and products. This encouragement can be integrated into the marketing and advertising efforts, but people will still look it up online. Without good reviews popping up, people can find the promises empty, so they’re less likely to make movements.
The only thing missing is having really awesome products and services, combined with reputation management efforts. This way, it would be easier for people to love the brand, trust the promises, and invest their money.
Having a positive communication strategy is also key in order to address all the concerns of customers. When customer service is effective, and company representatives easily address the problem, people will likely love the service. Remember, word of mouth is the best marketing technique that works until today. A referral is common among friends, family, and even co-workers.
If people are satisfied with the service, they can easily advertise the company to a close colleague, and to everyone they know. Then the cycle continues, as people will check you online, read the reviews, and give it a shot.
These days, people don’t easily entrust their money and assets to any company. People are naturally suspicious when it comes to money, and financial firms need to look reliable to get the trust of customers. By making an effort to manage your reputation online, you are going for long-term benefits of enhancing your image and encouraging people to check your services.