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If the recent Australian political spill has taught us anything about reputation, it is that perception is reality. It doesn't matter what you hold true in terms of your own reputation or that of your business. If you don’t manage it well and actively promote the image you want, your target audience may have a very different view of who you are and what you stand for.
In financial services, the reputation of the entire industry has been in the spotlight and has been questioned and even judged in recent years. For that reason it is even more vital for companies within the sector to be aware of how they are perceived and take action to maintain or improve their reputation.
This is especially the case since the advent of social media and online channels, which allow people to easily and publicly express their disdain, concern, or (ideally) their praise.
So what should a financial services organisation setting out on the online reputation management path consider – especially given that not all financial services organisations are the same?
First and foremost, you should know that regardless of whether your company has an ‘active’ online presence or not, your target audience may still be making assumptions about you based on what they see and read online. Whether you’re ‘there’ or not, there’s absolutely nothing to stop those who are ‘there’ from talking about you on Twitter, Facebook and elsewhere.
The big question is, do you know what they are saying?
Which brings us to some tips for financial services companies seeking to protect their online reputations.
1. Listen hard
You should be monitoring what is being said about you online so, at the very least, you can act and respond quickly, if need be. Not convinced? What if I told you that according to a 2012 global Digital Influence Index (released by Fleishman-Hillard International Communications in conjunction with Harris Interactive), 89% of people use online search functions to inform decision-making? Now consider, if people search your name or your company name, what do they find? If you’re not happy with what pops up, then it’s time to improve your online reputation.
2. Identify your target audience
Which groups does your business most need to connect with? How do you ensure that what your audience is seeing and hearing about you online is the information you want them to have? Which channels do they use to communicate? Knowing this should guide the kind of information you release, and where and how you release it, as well as where you listen and monitor.
3. Plan for the worst
It doesn’t take a lot of imagination to conjure the most online scenarios most likely to cause you harm. Invest some time and effort in scenario planning based on these likely risks so you can find ways to mitigate them – before they happen. For example, the performance of a super fund, the launch of a new funeral insurance policy, the movements of the stock market, an increase in fees – all of these are foreseeable and can be planned for in terms of the impact they may have and the messages you need to actively promote to achieve the desired outcome.
4. Build policies and guidelines
People will make up their mind about your business based on a number of different interactions – for example from the experience they have with the call centre, from the service they receive from their relationship manager, from the articles they read about you online. What this means is that no one person can control your company’s reputation. That’s why it is important that your business has appropriate policies and guidelines to help any staff member who may encounter a customer (or other target audience member) make the right decision about how to represent your brand. In the ever expanding world of social media, having clear and realistic social media policies that every staff member is aware of and follows is a fundamental step towards online reputation risk management.
5. Think outside the social media box
We’ve already mentioned the importance of targeting your message according to your audiences and the online platforms they use. But remember, social media sites aren’t the only online channels. You also need to be aware of the messages that are displayed on your website, on product review sites, on online news sites and so on. Having a positive communication strategy designed to address all channels where your name is likely to appear is the best thing you can do to be prepared to boost – and protect – your online reputation.
If you need any more convincing about the importance of online reputation risk management, this infographic sums it up. BlueChip has also developed a downloadable Online Reputation Checklist (it’s free) to help you get started managing your online reputation.
