Online Reputation Management: Saturated Market or Overpriced Market?
Many online reputation management companies are currently struggling. Some may think that the need for the industry is decreasing. Other may think that the high amount of online reputation management companies have saturated the market. The reality is that the need for online reputation management is dramatically increasing. Whether they had to learn the hard way or the easy way, many individuals are beginning to understand the value and importance of their online reputations. Some governments have even acted upon it. Two years ago, Europe requested that Google take requests to remove results that are extorting to honor citizen’s “right to be forgotten”. Although the legislation was accepted, many link removal request get rejected anyways. Take the Ashley Madison Hack case. Ashley Madison was a dating website for married individuals seeking affairs. Hacked by a group which goes by the name of “The Impact Team”, they eventually leaked the profiles of 30 million users when the website refused to shut down. That is 30 million people that have to fear for their lives and online reputations.
The need is there. But why are businesses still struggling to gain clientele? Most online reputation management business models are outdated. Effective online reputation management efforts take time; time for search engine results to change at an organic pace and time to fabricate creative concepts, content, and strategies. Most online reputation management services are charging thousands of dollars for their services casting out the majority of their market. Most individuals who are seeking ORM services are middle class citizens with $45,000 annual incomes. As a result, most individuals would rather live with a questionable or poor online reputation than pay thousands of dollars.
Certain businesses in the industry are beginning to distinguish themselves with more sustainable business models. A sustainable business model is making sure all services are available to everyone, not just the rich. Additionally, certain agencies are becoming much more transparent about the timeline related to their services. The “quick fix” for thousands of dollars is not truthful and is false advertising. Being truthful with your pitch will establish a strong relationship with the consumer before they become a client. Lastly, the most truthful way to remain transparent is to never guarantee the success of your services. Despite a proven ORM strategy, there are many variables that can disprove it. It depends on the reputation at hand.
The companies that are setting themselves apart are those that are actively preventing poor reputations as well. Traditional ORM agencies are seeking clients that already have a poor online reputation. But what about the clients that have the potential to have a poor online reputation? Such as students, teenagers, start-up business owners, and company competitors.
Consider changing your online reputation management company business model before your struggle shuts you down.
