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The web is increasingly the place to make a buying decisions and online reputation management has become routine for many businesses. Potential customers have to get a positive first impression of a company, product or service when doing online research.
The effect of a positive reputation is obvious, consumers associate trust and confidence with the brand thereby directly impacting company growth and profitability. But what happens when a prospective reads a negative comment about a brand? Exactly the opposite. A negative mention of a company reduces consumer confidence and translates in lower revenue and profits.
But isn’t this outweighed by another favourable review? Unfortunately not.
Although the majority of purchases are made off-line, recommendations from other consumers is the most important factor in making purchasing decisions (source TNS and eMarketer). According to research on Ebay and Amazon merchants, the positive/negative ratio is about 10 to 1. Translation; you need 10 positive reviews to outweigh 1 negative. Or better illustrated with a quote from Warren Buffet; “It takes 20 years to build your reputation and five minutes to ruin it”.
On the web, rumors, gossip and bad news in general, spread like wildfire. There is no longer a geographic limitation to distribution of content and negative reviews can be deadly to a company’s bottom line. This is why online reputation management is important.
So how do you make sure that potential customers receive a favourable first impression when researching your company, brand, product or service online?
First, by monitoring online press articles, blog posts, social media reviews, pictures and video uploads as they relate to your company’s product and services.
Secondly, it analyse and document the development of search results as they relate to source type authority and relevance.
Thirdly, influence search results by cultivating your own online assets, namely your official website, blog, micro sites and customer review forums.
Visit Imooty today to get started with online reputation management and to set up your online monitoring service.
Many still think of business intelligence as secretly spying on someone, surveying and somehow unfairly obtaining information about a competitor. Well guess what, if you’re to stay relevant in the market place, its your duty to know what the market is up to!
Welcome to the information age, knowledge is power and anyone doing business online will have to get used to it. Quick. The good news is that you don’t have to subscribe to an overpriced media monitoring service to find good business intelligence anymore.
Does democratized business intelligence applications sound better?
It used to be that business intelligence applications were reserved for large corporations with fat budgets. Armies of people were scanning newspaper articles and listening in on radio & TV programs looking for particular brands, names or commentary on particular issues. Obviously quite a labour intensive process, which is why we can now talk about a democratization of these services.
So what is behind this trend? Well, increasingly, publications are moving online and information searches are being automated. Meanwhile, speech recognition software makes the creation of transcripts possible. This facilitates automated audiovisual searches too (more to come on this).
So, what can you do with business intelligence applications? Limited knowledge of potential new revenue streams will obviously impact your business and these tools will give you a concrete possibility to access important updates on your industry. Knowing the different cycles and where to look for key pieces of information automatically gives you an edge; changes in regulations, promotions, acquisitions etc.
You’ll also want to know a bit about your competitors, who are providing similar products and services as yours? Location, size, offer and if they could represent a threat. Or is there a possibility of a strategic partnership? Sure, you’ll be tempted to ignore the competition, but sooner or later you’ll have to deal with it, one way or another.
You can also use business intelligence to find out about your target customers. Who are they, what are their likes and dislikes, what websites are they currently visiting, what’s their budget?
This information will allow you to tailor your product to them. The more needs you can fill, the higher likelihood for repeat business.
In short, by being aware of the latest trends in your field you’ll find the advantages and disadvantages of each. This is information you can act on! Listen, learn and turn business intelligence into new revenue streams.
Give the Imooty business intelligence application a try today!
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Yesterday it was time to thank our interns for their efforts over the past few months. Edward and Ana came to us via “Leonardo”, a program which helps young professionals find internships abroad. Edward worked on our visual media monitoring system whereas Ana did a great job with research of online reputation management services in Spain.
Kristina has also done a terrific job over the last few months. Her awareness of the particular PR needs of the Web 2.0 generation, helped us develop an online monitoring service for the next generation media monitoring professionals.
Together we all went to a Biergarten by the river, across from the Bode Museum. It was one of those nights when people clearly had not been out for a while… It has been a crappy summer so far and instead of constantly checking mobile news, folks could finally bake in the sun, have a drink and dance tango as the boats went honking by.
It turned out to be a good start of the summer and we hope we’ll be as lucky with our next interns as with Ana, Edward & Kristina.
Thank you!
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What media content do you consider trustworthy? Are online information sources part of your online monitoring? According to eMarketer and TNS, a recent survey finds that online news sources, rank high as trusted information sources. The most trusted information source is friends and word-of-mouth recommendations. TV news and newspapers are considered to be about equally trustworthy.
Especially interesting is the comparison from country to country. Whereas private blogs overall are considered the least reputable, Chinese consumers rank them notably higher. In Scandinavia the most trusted information source is TV news, whereas in Germany and Italy it is Wikipedia (!).
As a online monitoring service, it’s definitely surprising to find Wikipedia as the most trusted information source in Germany and Italy. We’re reminded of Merriam-Webster’s word of the year 2006, namely Stephen Colbert’s adaptation of “truthiness”:
“We’re not talking about truth, we’re talking about something that seems like truth – the truth we want to exist…”
For our own part, we notice a spike in visitor numbers and online monitoring registrations every time a major event takes place. From earthquakes to political scandals, visitors swarm to Imooty for trusted information anytime a big news story breaks.
Want to have your create your own online monitoring service? Try Imooty for FREE today!
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Imooty attended Berlin’s 4th conference multimedia start-up’s yesterday. We were pleased to present our mobile news application at the conference, which is a forum for multimedia and technology start-ups to network with prospective investors. It took place in the former DDR movie theater “Kosmos” in East Berlin.
This year’s motto was to collaborate and succeed in a time of economic crisis and Mr Kaczorowski, Director of Internet Business Solutions at Cisco Systems AG, held the keynote address. He told us how Cisco, one of the world’s largest networking equipment and network management suppliers didn’t had to cancel its annual leadership conference. Instead, new ‘live size’ video conference applications enabled them to organize a 3 day online conference for top level management world wide. Later, we were pleased to share Imooty’s collaborative mobile news features with the conference participants.
Another presentation by Dr. Martin Kupp, from European School of Management and Technology in Berlin, dealt with the fundamental question: how to stay longer on the market? The Queen of pop, Madonna would serve as an example for success as her biography is a textbook example for marketing and PR strategies.
In short the reccomendations were as follows;
- Move with the flow and endorse new technologies; Madonna boldly promoted MTV’s use of music videos already in 1983.
- Break some rules; Madonna has questioned sexual and religious tabus her entire career.
- Blend with the up-and coming, Madonna has collaborated with young artists and got good coverage as she kissed Britney Spears in the MTV Video Awards in 2003.
As for the exhibition, we had our own stand somewhere in the middle, presenting Imooty’s Media Monitoring solutions. As expected, the financial crisis dominated the general mood at the conference, and proved to be an excellent occasion to present Imooty as a concrete way for companies to save money on online reputation management services in trying times.
And the Gummy Bears at our stand, courtesy of Profund, FU, was a huge hit among fellow exhibitors as well as investors.
Create your online monitoring tool and start following mobile news today!
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Blaise & Jasper waiting for a goal
Imooty is pleased to announce that Jasper Dencker-Hahn has joined the Imooty team. Jasper has 20 years experience in the media monitoring field and will assist Imooty in business development. His most recent engagements include Mediaclippings, Picturesafe and Xerox. To celebrate the collaboration we invited Jasper to Olympia Stadion to watch his favourite soccer team, Werder Bremen, play Hertha BSC. An excellent game which ended with a 2-1 favor for the home team. With his characteristic optimism Jasper maintained that Werder were not giving its best because of preparations to the UEFA cup!
Set up your free online reputation monitoring system with Imooty.eu today!
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Imooty held a Xmas party in the Anyway Gallery yesterday. We were pleased to announce a beta version of our improved news widget service, which will launch along with other premium services next year. Present was the Imooty team, our partners, friends and fans. Some of Friedrichshain’s strange neighbors, where the Anyway Gallery is located, also dropped by…
Currently on display were works by the French born, Berlin based, street artist SP38. The exhibit is called ‘Volks Luxus’ which means something along the lines of ‘The People’s Luxury’. The theme was a perfect backdrop for the party as we’ll offer democratized access to media monitoring services, a.k.a. corporate luxury.
With this in mind, Kristoffer introduced some odd Norwegian specialties (brunost, fenalår & aquavit), Blaise brought his specialty, a selection of French cheeses followed by ‘choux à la crème’, all accompanied by Anyway’s excellent house wine.
Check anywayberlin.com for more Volks Luxus pics. And not to forget, if you’d like a sophisticated news widget for your website, Imooty will have one for you soon!
