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What Is Reputation Management?

Reputation management is a relatively new area within marketing.  In a way, it’s similar to digital public relations; it’s the management of a company’s reputation online. There’s also a customer service component to reputation management.

Unlike public relations workers before the internet came along, today’s reputation managers must deal with what customers and other stakeholders publish publicly on social media, blogs, directories, and many other locations online.

A large part of the reputation management function is to monitor and reply to reviews. Company reviews are available on hundreds of sites. The most common places to look for reviews are Yelp, Google Business, Bing, Amazon, and shopping carts.

If a company receives a positive review, thanking the customer in a response is a nice gesture and recognizes their time spent writing the review. It also reassures others that the company is paying attention to customer feedback.

If the review is negative, swift action should be taken to respond, to apologize publicly, and to take the conversation to a private communications channel such as email or direct messaging. Customer service should get involved to resolve the issue quickly and satisfactorily. In some cases, posting a follow-up response to ask the client if the issue has been resolved is appropriate.

 Companies should monitor more than just customer reviews. Sites like Glassdoor allow employees to post job satisfaction reviews for prospective workers.  Companies in industries with chronic talent shortages will want to allocate resources to monitor these sites effectively. 

Reputation management is not all about reviews; it’s also about mentions. Whenever your company name, CEO, or brand names are mentioned, a reputation manager should know about it.

There are now several apps that perform reputation management monitoring so that you’re alerted quickly to reviews or mentions. A very quick free option is to use Google Alerts to scour the web for company name mentions.  Many of these apps also help a business garner more reviews and optimize them to improve their reputation. 

Whether your business needs to worry about reputation management depends on many factors, but hopefully this overview will give you an idea of what’s possible in this space. 

Business Planning Made Easy for 2019

2019 is right around the corner, which makes today the perfect time to think about your business goals and where you want to be one year from now. As year-end wraps up, you’ll soon know your financial numbers for 2018. You’ll then be able to evaluate how you did and map out a new plan for 2019. 

If you’re like many small business owners, you may have started your business without a business plan. Most businesses don’t need a long 20-page document that will just gather dust on a shelf. But you might want to consider putting together a short, 1- to 2-page concise document that includes the basic components of a typical business plan: mission, vision, strategies, and objectives. 

A mission statement describes what the company is in business to do. And while you could simply state a mission similar to “Our mission is to sell our products and services,” you may want to think bigger than that in terms of how you want to be known or to impact more than your customers. 

A vision statement describes your company’s future position.  It’s what you aspire to be.  It could again be, “Our vision is to sell more products and services than any other business.” Or it could be more inspiring and uplifting. 

Your business strategies support how you’ll get from where you are to what is stated in your mission and vision statements. While there may be many ways to accomplish your mission and vision, strategies are the approaches you’ll take to get there. 

Goals are measurable destinations with a timeline that are created from your strategies. Objectives finally get down to the nitty gritty and state the tactics and action plans you need to execute to put all of this work into play. 

Each of these items can be written out on a few lines, taking up all together no more than a few pages. The benefits of having a concise business plan are many: if you think of an idea you want to do, you can check the plan to make sure your idea falls under your vision, mission, and strategies that you’ve laid out for the year.  If it doesn’t, then you’ll know that your idea would take you off track from your plan, and you know how easy that can happen these days with all of the distractions and options available to us.      

You may want to add additional sections to your plan depending on your strategies. If you plan to launch a new product or execute new marketing strategies, you might want to add a Market Summary section. If you seek new funding, you might want to have a section on funding options. With business planning, it makes sense to do what’s relevant, and nothing more or less. 

We wish you the very best in 2019!

G1VE yourself a hand.

It’s the time of year when giving is on the minds of many. We wanted to share with you a very cool app that was the winner of Intuit’s 2018 App Showdown. Every year, Intuit, the company that brings us QuickBooks, sponsors this contest to encourage app developers to compete for a $100,000 prize. Accountants, Small Businesses, and App Partners vote on the quality of integration, level of innovation, market impact, numbers of connections, and five-star reviews of all of the submissions and the field is narrowed to ten. Those ten apps compete at the QuickBooks Connect event, which was held this year in San Jose.

The app that won the contest is called “G1VE” and it makes it easy for business owners to give to charities using their QuickBooks account. Here’s how it works:

  • Choose the percentage of monthly revenue you wish to give, your favorite nonprofits, and how much of your overall donation goes to each.
  • Integrated with QuickBooks Online, each month G1VE calculates, collects, and distributes your monthly donation to your chosen nonprofits.
  • G1VE provides ongoing reports and records for tax time.
  • Your customizable G1VE profile page highlights your giving to your customers and community. Now you can automate and securely manage all of your giving in one place via your QuickBooks Single Sign-On.

It receives a five-star review within the QuickBooks app store. Who doesn’t love something that makes it easy for us to do something nice for someone else?

Marketing by the Numbers

Do you know if your marketing efforts are paying off? More importantly, do you know which marketing campaigns and channels are profitable and which are losing money? 

Marketing is one of the toughest areas to calculate return on investment, and one of the reasons is because customers may have had contact with your company in multiple ways before they make a purchase. Other reasons such as a lack of systems are more easily solved and can give you valuable information that you can make smart decisions with.

One main goal of marketing is to acquire leads that will hopefully turn into buying customers and even repeat customers. To start measuring your marketing efforts, we need to find out where those leads are coming from and measure which ones became your customers. That means we need to develop a system that tracks a customer from lead source to sale.

The hard part is that some of this needs to be done outside the accounting system.  The good news is that there are many tools and analytics available to help in this process.

One of the first things to do if you don’t already have it set up is to record the lead when they enter your sales process. Enter basic information about them in your CRM (customer relationship management system), and be sure to ask them how they found out about you.  This will help you track the lead back to the campaign or channel that they came in on. Once they’ve made a purchase, you can connect the lead to the customer record and track revenue by marketing source. 

If your leads come in digitally, there are many automated tags you can set up to track where they originated, whether it was from the web site, a particular web page, a social media account or a link from an email you sent out.

An important statistic for businesses is cost per lead, how much it costs to generate one lead for your business. The cost will vary by channel or marketing source. For example, someone coming from your website will cost less than someone coming from social media in most cases.

Once you know how many leads to generate to make a sale, you can start calculating what your marketing budget should look like.  More importantly, you’ll be able to forecast your revenue more accurately, too.

While numbers are probably the last thing you think about when you’re doing your marketing, they can be very effective for your bottom line.  There are many metrics beyond cost per lead that would be valuable to measure as well.  Here are just a few of them:

  • Number of leads (in total or per channel)
  • Number of press mentions
  • Number of direct mail pieces sent out
  • Number of email subscribers
  • Number of social media connections per platform
  • Number of posts sent, number of shares, number of comments
  • Total web visitors, new and returning
  • Google rankings for keywords
  • Number of customer reviews per site, ratio of positive to negative reviews

You might not think of accountants when you are doing your marketing, but we encourage you to think about the “numbers” part of marketing, the financial side. And as always, if you want help developing these processes and metrics, please reach out.

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