Reputation management refers to creating, influencing, enhancing, and promoting organisations’ reputation. It plays a major role in consumer buying decisions, as 3 in 4 people trust companies more if they have good reviews. While 60% of consumers will not purchase from companies that have negative reviews.
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Why is online reputation important for cyber security organisations?
A new report from the Department for Culture, Media and Sport (DCMS) shows that 1,838 companies are active in the cyber security sector in the UK. A good online reputation is important for cyber security companies because it provides a competitive advantage to differentiate from the growing number of rivals in the market.
The end users of both B2B and B2C products need to know that they are working with a reputable company that can assist them at any time. Consumers want brands that provide high quality service. So a strong reputation will increase the company’s value, and make it more desirable for existing clients who will want to extend their services. It will also attract new clients, who will want look for brands that offer a good experience.
How can cyber security brands maintain a strong reputation?
When cyber security organisations experience a cyber breach, their reputation will be immediately affected. This will impact their profitability and even their market share. Large and established cyber security brands are especially at risk here.
FireEye, a cyber security firm providing services to governmental agencies and companies all over the world, was the victim of a cyber breach in 2020. It affected the cyber security of many of its US and international clients. However, the firm announced the attack in time, and was transparent about the stolen data. So their clients could see the attack coming and take action against it.
Needless to say, although the company approached the situation with care, their reputation was affected. In fact, their stock dropped 13% when the attack was announced. But because FireEye communicated the cyber attack and provided regular updates, taking responsibility and steps to remediate the situation, it helped them recover and maintain a reputation as a widely respected cyber security organisaton.
What are the benefits of a strong brand reputation?
From a marketing perspective, a good reputation can help a company receive more positive media coverage. This further feeds into the sales funnel, bringing in more leads and more sales conversions. Prompted by positive reviews that can be achieved through social media, review websites and Google Reviews, a strong brand reputation can also lead to a more efficient customer acquisition process.
Financially, a strong brand reputation translates into a more efficient capital, giving companies also the ability to get better supplier terms. Positive reviews from genuine consumers is a sign of high quality service. This can rightfully help a company to justify price points and lead to more profit.
At a board level, a strong reputation management brings the company a higher share price. But it also offers a greater likelihood of gaining access to new markets. For some companies, this can also mean greater influence on the government.
How to build and maintain a good digital brand reputation
It’s important to know that a strong digital brand reputation doesn’t come overnight. Continuous effort needs to be put into building and maintaining a good digital reputation. The beginnings can seem a bit slower, because time dedicated to communicating the company’s services, values, and the benefits of their offerings for their clients.
Digital brand reputation starts with content. This includes blogs, web releases, press releases, social media captions that provide informative value. Generate user engagement through social media posts, blog articles and other comms as you focus on building digital brand reputation. This can take the form of likes, shares, comments, but most importantly, reviews.
A good example in this sense is the encryption software Signal App. In their social media posts, they mix formats such as memes and user generated content to engage their followers, while also keeping them informed about their updates through fun content bytes.
Turning your reputation into revenue
When a company starts getting positive reviews, it is time to look into advertising opportunities. It’s simple maths: higher visibility (provided through the use of ads) + positive reviews = better reputation. Hence, increased transactions.
Start-up and scale-up cyber security companies can initially rely on reviews from close user group advocates, which they can use across their social media or ad campaigns to show others that their services are popular and appreciated. Further on, this will determine other users to try their product or service.
With more transactions, the company can encourage the new clients to leave reviews, providing specific incentives, like discounts or freemium offerings. Continuing to create content, including video content, that communicates the brand value, will feed into maintaining the brand reputation. In addition, getting the top executive team involved in promoting the company through their online profiles will support the goal of building and maintaining a strong online brand reputation.
At OggaDoon we’ve worked with established and start up cyber security companies, helping them build their online brand reputation. Get in touch if you need a hand with managing the reputation of your cyber security company.
