Is Your Reputation Costing You Market Share?

June 28, 2010 - PRLog -- How can you tell if you are losing your share of the market? For a start you may notice that your competitors are doing much more business than you, when previously this was not the case – but actually, if you are smart, you will notice long before this occurs. What we are looking for is to know when we are “losing” market share, not when it is already “lost”. Better, we want to know when we are about to lose it. For this, we need to start using techniques to judge whether or not your business is staying afloat in the sea of competition. Market share, after all, comes from customers wanting to purchase your products rather than anyone else’s, and in fact represents the number of people who think that your product is “better” than the alternatives available. This is entirely based on how many people know about your products and how good your reputation is – so it is easy to understand how monitoring your reputation might be the most important tool you have at your disposal in the never-ending battle to win more customers.
To ensure that your market share is secure, you need to know how your website ranks in search engine results for phrases related to your business. You also need to know what people think about when they hear your business mentioned – and you need to know how to make sure they are thinking good things. Without monitoring the internet meticulously, you can’t be sure of where the market is moving. Since more and more businesses are moving into e-commerce in order to expand their customer base, it is important to master this domain if you want to remain competitive.
Many business owners reason that if their business already has a good reputation they do not need reputation management at all, but this is simply not the case! Even the most successful firms invest an awful lot of money in brand management and reputation monitoring, for the fundamental reason that they can’t afford for their multi-million dollar marketing campaigns to be undermined by the volatile power of the internet. Having a good reputation means nothing if you cannot maintain it, or if you are not taking steps to keep it at a good level. In the world of online business, companies can come and go within short periods of time, and trends can rise and fall unpredictably. The only sensible course of action is to keep track of what the market is doing at all times – and (more importantly) whether you are still a big part of it, or whether you are losing out.
Don’t lose business. If you need help with reputation management, help is at hand! Click here to talk to us today about making your reputation bullet-proof.
Also, if you found this article interesting, you may also want to take a look at “Are you losing Market Share?” and “Repairing a Broken Reputation”! You can find lots of other great articles about reputation management on this site – or, if you are interested, you can contact us now for some more information. Let us see how we can make your business more successful with a better online reputation.




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