Sometimes called ORM, online reputation management refers to taking control of a company’s public perception. Many marketers tend to think of online reputation management only as damage control. That’s certainly important. As just one example, disgruntled customers often appear at least as or even more motivated to leave online reviews than satisfied ones.
Still, home builders should focus on the positive aspects of reputation management, like letting potential customers learn about their brand and the good work that they do. To paraphrase the economist Andrew Griffin, reputation serves businesses as a valuable, strategic asset. Viewed that way, it only makes sense to constantly manage it, like any other critical asset.
With this broader perspective of online reputation management, find out why it’s so important for home builders, the many ways it can boost businesses, and how to get started.
Why Home Builders Need Online Reputation Management
Traditionally, Americans viewed homeownership as a key to building wealth. For decades, homes have served most families as their most valuable asset. Even though younger people may have somewhat changed their views about the importance of owning a home compared to investing in other assets, Kiplinger says that buying a house still represents the most expensive purchase most people will ever make.
These days, over 90% of consumers read reviews and other online information to make purchase decisions, according to Qualtrics, a marketing software firm. If people take the time to comb the internet to make decisions about their next car, apartment, smartphone, or even takeout meal, how much more will a home builder’s online reputation matter to them?
After all, most families will need to commit hundreds of thousands of dollars and decades to pay off a mortgage to buy a home. Besides that, the home will serve as the center of their family life, possibly more important than the financial commitment. When prospective home buyers choose a builder, they will want to invest in a company with an excellent reputation. To ensure their own long-term satisfaction, people will look for builders that have established a verifiable track record of satisfying other customers.
How Online Reputation Management Improves Bottom Lines
What’s the first thing most people do when they want to learn more about potential real estate investments? According to the National Association of Realtors, most folks begin their journey online. They use major search engines and even social networks to check out builders and, just as important, to discover these businesses in the first place.
Therefore, a home builder’s website, online reviews, blog and social posts, and other mentions serve not just to maintain reputations but also as a valuable source of inbound marketing traffic. Positive mentions don’t only solidify a good impression, they can also help generate a steady source of leads. As noted in a previous Builder Online post, this kind of inbound marketing typically provides a return on investment that’s 300% better than traditional advertising.
Some builders might mostly deal with real estate agents, investors, or other businesses. So, they might not think this sort of advice applies to them. Today, B2B research about prospective partners and stakeholders plays just as big a role as it does in the retail sector. In addition to major search engines and common social sites, they may also look at industry websites, trade journals, and B2B social sites like LinkedIn.
What Goes into a Home Builder’s Online Reputation Management Plan?
While some parts of an effective online reputation management plan will look fairly similar for all home builders, other components may vary because of their target market. As a simple example, commercial customers may seek information about builders on different platforms than retail customers gravitate toward. In fact, businesses should begin by ensuring they have their audience well defined in order to figure out where best to reach them and how to craft the right messages.
To get started with online reputation management:
- Use marketing data to understand the audience: Craft buyer personas from current customer data, market research, or industry data. Use this information to understand customer motivations, values, and preferred online sources of business referrals and reviews. For instance, younger adults favor eco-conscious companies, so promoting a builder’s sustainable measures on social networks may engage the right audience.
- Find company mentions online: Search for current mentions or reviews to understand how people currently view the company. Harvard Business Review found businesses that acknowledge both positive and negative reviews typically earn more reviews and higher ratings. Analyze negative comments for tips to improve business processes and communication. Since businesses should consider this an ongoing process, consider using software to reduce manual effort and keep it on a regular schedule.
- Get established on social and review platforms: Claim or create profiles on various websites where customers leave reviews or seek out business information. Some examples of good platforms to start with for typical home builders might include Yelp, Angi, BBB, Facebook, and Google My Business.
- Encourage satisfied customers to leave feedback: Pleased customers don’t always think about leaving reviews, so it’s a great idea to ask. For instance, many businesses will email customers after completing a project to thank them for their business and request they follow a link to provide a review.
- Share positive news about the company: Use social networks, the company blog, and press releases to share news about positive business developments, successful projects, support for worthy causes, or even to highlight employees and customers.
Watch a Business Improve Along with Its Reputation
Certainly, businesses find online reputation management vital to combat negative perceptions. To respond to less-than-ideal reviews or press, express empathy, offer help, and take responsibility.
Just remember that successful builders can spend a lot more time spreading good news than coping with bad news. Online reputation management plans should concentrate on reinforcing positive aspects of customer relationships, work, company culture, and values. The messages let people know why they would want to trust this builder with a large and important investment.
In that way, online reputation management serves as an effective kind of inbound marketing that will also help increase brand recognition and leads. Most of all, home builders need to regard an effective online marketing plan as an ongoing process that constantly evolves along with their customers and business.
