Rachel Botsman on TEDglobal discusses how reputation will become your most valuable asset as well as how connections and marketplace changes illustrated the impact of virtual trust and trends toward a reputation economy.
Collaborative Consumption is her label for online relationships that are leveraging business. Translation? Reputation is currency.
Think about it, when you shop online at sites such as Amazon.Com or eBay.Com do you purchase from a seller with few ratings or a low rating? If you are like most consumers, the answer is that you find someone with a 5 star rating.
This means that if your business has a bad review, or is lacking reviews online, the impact will be seen on your bottom line.
If you have been following our YouTube updates with any regularity, you already know about WIRED magazine’s predication that reputation will be as important as your credit history. The fact is that it is already.
When I first wrote this post two years ago, most businesses ignored reputation but in today’s marketing world you must combine reputation and social with your online strategies to get exposure in the search engines to attract consumers and convert them to customers.
Rachel highlights the fact that relationships are tied to reputation. That online reputation not only has tremendous value, it also leaves a trail that leads to you and your business. If it is good, it drives business, if it is missing or is negative, it will drive consumers to your competition.
So, how is your reputation? It really does matter and if you don’t know, you need to have us run a reputation report to find out.
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