Managing reputation online

Raffaele Apostoliti at B2B Stars explains the high cost of disinformation for UK businesses

 

As online disinformation and fake reviews continue to spread, UK small and medium-sized businesses (SMBs) are bearing an increasingly heavy financial burden.

 

Research has found that annual losses due to disinformation are costing businesses £93,000 a year. With over 5.5 million SMBs in the UK representing over 99% of the business population, the impact isn’t insubstantial. A growing “trust deficit” is worsening the impact. Data reveals that a third (33%) of businesses are finding it harder to determine which companies and individuals to trust online, leading to costly mistakes and missed opportunities.

 

This issue not only harms individual businesses, but also erodes the competitiveness and growth potential of the sector as a whole.

 

Nearly 30% of businesses struggle to build trust with new contacts and to differentiate between fake and genuine profiles. As a result, many businesses fall victim to unreliable information, false profiles, and misleading claims. The financial hit from poor decisions driven by these factors compounds the challenges that small businesses already face, such as rising costs and fluctuating demand.

 

Defending online credibility 

Below are five critical steps that all businesses can take to protect against the damaging effects of disinformation.

 

1. Actively monitor your online reputation

Maintaining a positive reputation has never been more essential or more challenging. Fake reviews and misleading claims can quickly tarnish a- business’ online standing, and with nearly half of UK SMBs already impacted by these issues, vigilance is key.

 

Regularly monitoring reviews and listings across all platforms where the business is active and promptly reporting any fraudulent or suspicious activity is crucial. At the same time, encouraging satisfied customers to share honest feedback can help create a robust online presence and dilute the impact of fake reviews.

 

2. Combat disinformation with accurate, transparent information

False information can quickly spread online, undermining a business’ credibility and deterring potential clients. Ensuring the business’ website, social media channels, as well as business directories are up to date and accurate is critical. Sharing customer stories, achievements, and verified news regularly reinforces the trustworthiness of a business.

 

The more proactively transparent an organisation, the harder it is for disinformation to damage its reputation and impact revenue.

 

3. Challenge fake reviews and protect customer trust

Unchallenged fake reviews can do lasting harm to a business’ reputation, making it difficult to attract and retain customers. Ignoring a suspicious review is not an option; each one represents a potential financial hit.

 

By professionally addressing questionable reviews and offering perspective when needed, companies demonstrate to prospective customers that they take feedback seriously. This helps mitigate the financial impact of disinformation and fosters trust with those evaluating the business online.

 

4. Engage loyal customers to strengthen credibility

Building and maintaining trust is a crucial component of customer loyalty, yet nearly 30% of SMBs find it challenging to build trust with contacts online. By actively seeking feedback from satisfied customers, firms can create a strong base of real, positive reviews. Authentic customer testimonials reinforce a brand’s reliability, which can offset the impact of any disinformation or negative content aimed at the business.

 

5. Take control of business profiles to reduce the risks of disinformation

Leaving online profiles unchecked is both a missed opportunity and a risk. It’s important businesses claim and actively manage profiles on review sites and business directories, ensuring that information is current, complete, and accurate. This approach helps reassure customers that they are interacting with a legitimate, trustworthy business, reducing the potential financial impact of disinformation.

 

Overcoming the trust deficit

With nearly one in three (31%) SMBs fearing they may be forced to close by the end of the year due to mounting financial pressures, according to government data, the cost of disinformation and a lack of trust online has become even more severe.

 

Each poor decision based on unreliable information further isolates businesses, diminishing their ability to find credible partners and take advantage of growth opportunities. The long-term effect is a weakened SMB sector, which has significant implications for the UK economy.

 

This trust deficit calls for an industry-wide shift, whereby transparency and verified information become the standard. Building trust-based relationships is an essential piece of the puzzle but requires accessible, reliable insights.

 

A community-focused approach that leverages peer reviews, verified third-party information such as financials, and industry recognition can offer businesses a clear way to both ensure the information about their own organisation is accurate and verify and trust the companies they are engaging with online.

 

In a digital era where disinformation can lead to thousands in lost revenue, businesses need to invest in trust-building strategies and tools that offer verified, transparent insights.

 

By adopting these strategies and following the steps outlined, businesses can begin to protect themselves from the risks of disinformation, build trust-based connections and ultimately set the solid foundations needed for long-term success and growth.

 

---

 

Raffaele Apostoliti is CEO at B2B Stars

 

Main image courtesy of iStockPhoto.com and Suchat longthara