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The 5 Reasons It Pays to Invest in Business Reputation Management, According to Digital Silk

35.3% of the total market value of the world's largest companies depends on their reputation. Digital Silk explained the impact of business reputation on performance and why brands who invest in managing it, like Nike and KFC, see greater success.

NEW YORK, Sept. 17, 2020 /PRNewswire-PRWeb/ -- 35.3% of the total market value of the world's largest companies depends on their reputation. However, the nature of reputation is not widely well-understood by businesses.

Digital Silk, a global digital agency, outlined the reasons why businesses that invest in their reputation can see bottom line value.

The reasons to invest in your company's reputation are:

1. Reputation impacts customer decisions

  • 85% of customers rely on online reviews as much as on personal recommendations when making a purchase.

2. A solid reputation helps brands stand out from the competition

  • 87% of consumers cross-shop for every purchase they make.

3. Positive perception of a brand helps increase customer retention

  • 70% of customers whose complaints are resolved will do business with that company again.

4. A great reputation means access to great talent

  • 75% of people wouldn't work in a company with a bad reputation.

5. Reputation can make or break a business

  • 87% of executives believe that reputation risk management is more important than other strategic priorities.

"Reputational crises, negative online reviews and media controversies can do serious damage to your bottom line" said Gabriel Shaoolian, CEO and Founder of Digital Silk. "Brands need to protect their business by building and maintaining a strong business reputation using paid, earned, shared and owned media channels."

Reputation is an important asset for businesses and investing in it mitigates potential damaging situations. It also helps convert and retain customers, hire top talent and stay on top of competition.

About Digital Silk:

Digital Silk is a creative digital agency focused on growing brands online. From custom websites to digital marketing, Digital Silk creates SUPERIOR digital experiences to drive higher conversions, greater brand engagement & measurable results.

 

SOURCE Digital Silk