Does your reputation actually convert to dollars? Is there such a thing as reputation dollars?
Since the digital revolution began over 2 decades ago a number of things have popped up on the horizon that have never been envisioned before. Right now there is great discussion regarding the value of a business’s reputation and how to convert that to actual dollars. Think of the concept for a moment: you receive a rating from a customer for your products or services and that rating converts to digital currency that you are able to spend somewhere else.
That might take a while to sink in because never before has such a thing been possible. There is an article concerning this in Wired magazine that is definitely worth reading.
Take a moment and consider some of the possibilities and ramifications. On a positive note it would more surely enforce the idea that businesses take care of their customers more. They deliver the products or services that they advertise and they take care of the customers making sure they know-how to use it, understand it, enjoy it and fulfill their wishes with the purchase.
Talk about leveling the playing field! One single customers opinion would have an even more dramatic effect than it already does right now.
But there must be a way to control the obvious downsides. If there’s that much control or power in digital reputation currency, what’s to prevent unethical competitors, irrational customers and disgruntled employees from trying to do damage to the business? My first thought is that there would have to be proof of an actual purchase of whatever product or service was discussed. In the digital world this type of thing is possible.
But I am concerned about the “house of cards” foundation of the whole concept because it is not based upon actual physical experience, it is something that is in a digital file on some computer hard drive that could be manipulated or lost. Yes of course there are such a thing as Raid backup drives and security systems, but that still doesn’t prevent someone from manipulating the data.
The purpose of this blog post is really only one thing: every business needs to be profoundly aware of the power that consumers have to sway public opinion and to build or tarnish your reputation. Whether something like this digital currency regarding reputation actually comes to pass, is yet to be seen. The current ability of customers to leave positive or negative reviews regarding their experience exists right now and has a very profound and powerful effect upon every business. Businesses who are not actively collecting, monitoring, reacting to and promoting positive reviews are going to be left behind.
SEO doesn’t work anymore. What people want are reviews about their experience with you. They want to see what others have gone through, what their experience has been whether positive or negative. People don’t want to lose money. They don’t want to make a mistake. People rely upon consumer’s reputation more than ever before and it is imperative that businesses take an active role in this entire process.
Many companies I visited with are making drastic changes in their business and how they treat their employees and customers based upon the reputation reports that they have received. In one sense it is a very good thing. There is even a new system where employees rate their bosses and create reputation from an internal point of view! I predict it will not be long before any business run by an arrogant and power-hungry monster will be humbled to the dust unless it changes its ways.
If you are looking for a system whereby you can collect, monitor, and promote positive reviews while dealing with the negative ones, give us a call today at 775-722-4949.
Your digital reputation currency is already active with you realize it or not.