Warren Buffet famously said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
If you’ve put work into managing your online reputation, chances are you know just how true that quote is. Building a stellar business listing online takes time, dedication and a strategy to put your best foot forward for customer acquisition.
But how do you know if all your work is having the desired impact? What KPIs should you be measuring for your reputation management program?
Understanding the right way to choose and measure KPIs is critical to determining your campaign’s return on investment (ROI). Measuring the right things and not just vanity metrics will help you build the brand you want to online, helping you attract new customers and retaining the ones you currently have.
We are going to look at some of the most important reputation management KPIs and how to measure the success of your program.
Volume and Quality of Online Reviews
Monitoring the effectiveness of your reputation management campaign starts with making sure you see an increase in the number of customer reviews and a higher average rating than before.
Reviews are social proof that potential customers use to determine if your business will meet their needs. Most customers are looking for a high volume of reviews because it makes your business look credible, experienced and like a vital part of the local community.
If you are seeing an improvement in the number and quality of your online reviews, you are on the right track.
Here are some other key metrics to measure your online presence:
- Overall customer sentiment
- Referrals or leads from review sites
- Website traffic from organic search and social media platforms
Remember, while online reviews can greatly help attract new customers, they’re also a positive indicator that you will retain the business of current customers. Take special care to respond to both positive and negative reviews to encourage customer interaction and learn how to improve the customer experience.
Turning Fans into Advocates
Beyond just looking at reviews online, one of the goals of any reputation management program should be building a lifelong relationship with your customer. Growing a business isn’t just about acquiring new customers: It’s about taking the customers you have now and making them advocates for your brand.
If you are focusing on the customer experience and meeting their expectations, chances are you already have strong support from your community. If you are struggling to satisfy your current customer base, you need to be measuring loyalty and advocacy.
To do this, make sure you are measuring the current impact of your brand advocates and identifying highly satisfied customers who are perfect candidates for sharing information about your business on social media platforms.
Your KPIs for turning your customers into advocates include:
- Volume of customer testimonials shared on social media
- Customer engagement metrics on your website and social media channels
- Number of brand advocates (social listening metrics)
- Positive comments on public, third-party directories
Don’t Forget to Monitor Offline KPIs
While measuring your impact online may be straightforward, there are plenty of offline KPIs to track in order to measure the true ROI of your reputation management program. Reducing customer churn or increasing patient retention, for example, are far more important to your business than how many reviews you have on your social media profiles.
As a customer experience manager or marketer, you always want to make sure your efforts have the downstream impact that you intended and that you aren’t just measuring vanity metrics.
When evaluating the impact of a reputation management campaign, be sure to look at these metrics to determine if you are getting the results you expect:
- Customer lifetime value (CLV)
- Customer satisfaction surveys (both quality and number of responses)
- Word-of-mouth customer referrals
- Estimated market share
- Net promoter score
Seeing improvements in these offline KPIs will lead to the business growth you need from a reputation management program.
Get the Most Out of Your Reputation Management Campaign
Nothing is more important than delivering as much bottom-line value as possible to your customers and to your business.
Using these KPIs will help you identify areas where you can improve the customer experience and simultaneously attract new business leads. By focusing on the right KPIs for your reputation management campaign, you will ensure that your investment is worth the time and money for both your business and your customers.
Binary Fountain’s reputation management software is designed to give your business actionable insights that will improve your business operations and better meet your customers’ expectations. Thanks to our proprietary natural language processing (NLP) technology and data analysis, we create customized online reputation management solutions for businesses just like yours.
About the Author
Content Marketing Specialist