Think your business reputation doesn’t matter? Not too worried about that recent PR flop or the bad reviews pouring in after your latest product launch? Time to think again.
A recent survey found that a company’s reputation accounts for over 60% of its market value. In other words, it doesn’t matter how efficient your practices are or how innovative your products are. Without a good reputation, you’re not going to see the growth you deserve.
If you need some help in the reputation department, it’s time to find out about the online reputation management cost in 2024. Is it in your budget? Read on to find out.
What Is Online Reputation Management?
In today’s digital world, most consumers are learning about your reputation online. They’re paying attention to the way your business comes up in the news. They’re reading reviews before they make purchases.
Your online reputation is shaped by word of mouth, active PR campaigns, and third-party reporting. If you’re not an expert in reputation management, this can be a lot to keep up with.
That’s where reputation management companies come into play. An online reputation management company can do anything from tracking how your business is being talked about to responding to customer reviews and beyond.
Types of Online Reputation Management Services
It’s hard to come up with an exact answer to the cost of online reputation management services. On the low end, you may find prices in the hundreds per month. At the high end, prices can reach the tens of thousands.
One important consideration is that there are different levels of online reputation management. Let’s take a look at what they are.
Basic Monitoring
Basic monitoring involves tracking any mention of your brand online. This may include mentions on search engines only, or it may encompass social media mentions. Though simple, this package will provide key metrics regarding any changing feelings toward your brand, making it easier to catch reputational issues early.
Active Engagement
A more active approach to online reputation management will also involve interacting with customers and, depending on your industry and the size of your business, the press. When you sign up for active engagement, you can expect your service provider to respond to online reviews and let you know where your weak points are. A more comprehensive package may also include social media management.
Advanced Reputation Management
The most advanced online reputation management services will include everything we’ve already mentioned and:
- SEO strategizing
- PR campaigns
- Crisis management
- Legal strategizing
If you start managing your online reputation early, you may not need a package this comprehensive. As you can imagine, this type of package is the most expensive. Don’t wait until your good reputation slips to start investing in it.
What Impacts Online Reputation Management Cost
While some companies will offer flat rate fees based on the package you choose, many will want to customize the cost of your fees. Here are some of the biggest factors that will impact the final cost of reputation management.
Customization
Some companies won’t work with you as closely to audit your business and help you decide what you need. Instead, they’ll offer a few packages (like the ones described above) at different price points.
This type of pre-determined online reputation management works well for some companies, while others require more customization options. Typically, the more work a company does and the more communication it provides to build a unique campaign, the more it will cost.
Industry
Believe it or not, the industry you work in can have a major impact on cost. This is because some industries require more complex reputation management (and have higher risk) than others.
For example, if you sell a non-edible, non-medical product online, your reputation management is likely cut and dry. If you work in an industry with strict regulations, like food, medicine, or finance, you’re going to need to work with a company that has more industry expertise. The more complex your industry, the more your services will cost.
Geographical Scope
How big is your consumer base and how wide is your geographical scope? Where is your company located? Location matters both in terms of where you work and where your customers are.
If you have a local reach, you may want to work with a local reputation management company that knows the culture and habits of your consumers. The cost of local services will reflect the local cost of living (i.e., city-based services may cost more). If you have customers around the globe, you’ll need a more robust service package, which will come with a bigger price tag.
Reputational Damage
If your company tends to get positive reviews and you’ve never had any bad press, you can expect a lower starting price range. This is because the company you hire only has to maintain your good reputation, not clean up a mess.
As we mentioned earlier, it’s always in your best interest to invest in online reputation management earlier, rather than later. If you hire a company after a major PR disaster, they’re going to have more work to do to rehabilitate your reputation.
Service Provider
Now that you know more about the factors that can impact the cost of managing your business reputation, it’s time to shop around. While you don’t want to go with the lowest quote you can find (if it seems too good to be true, it probably is), you don’t need to overspend for services you don’t need.
Don’t Underestimate the Power of Reputation
If you’ve let your company reputation slide, it’s time to take a new approach. Use this guide to estimate your online reputation management cost. The sooner you invest, the less you’ll spend on reputation repair.
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