Reputation Management & Arizona Auctions

Are you interested in learning more about Arizona auctions?This article is designed to provide you with the details on how reputation affects Arizona auctions and the importance of reputation management.Specifics may vary from auction to auction; however, the following information includes helpful and important guidelines from which everyone can benefit.

One of the business trends of recent years is the growth of reputation management.Twenty years ago companies realized the need to actively manage quality.In the same way today, companies are realizing that their reputations must be similarly managed.This is because corporate reputations have come to be viewed as a valuable resource.A lot of research has recently been conducted regarding how to improve a company's reputation and what the reputation of a business is actually worth.

Research shows that reputations rise or fall on the combined impact of thousands of corporate actions both large and small.These acts shape individual's perception of your company.These individual perceptions are shared with others and by word of mouth your reputation is constructed.What has changed in recent years is how rapidly a reputation is created or damaged.The Internet has increased the speed with which information about a company spreads.Look at how important feedback has become to the process of conducting auction business on E-Bay.People will refer others to their E-Bay feedback, even if their business transaction has nothing to do with Ebay.Negative feedback on the Internet also occurs at lightning speed.Disgruntled customers have even gone so far as to create websites dedicated to negatively impacting a company's reputation.

Reputation research has also verified what your parents told you about reputation, reputations are hard to earn and easy to damage.The reason for this is something researchers call a "Reputation Spiral".Customers filter the behavior of a company through the lens of its reputation.Behavior consistent with the reputation is accepted at face value while events inconsistent with the reputation are discounted.An on-time delivery from a company with a bad on-time reputation is viewed skeptically ("Their regular employees must be on strike").However, a late delivery from a company with a good on-time reputation is shrugged off as a fluke ("The shipper must have made a mistake").Once a reputation begins to move in a positive or negative direction, its momentum is extremely difficult to reverse.

Studies show that even a small positive increase in a company's reputation results in a significant increase in business value, while a negative drop in reputation results in a decrease in business value.For example, a +1% improvement in the reputation of a company is accompanied by significant increases in that company's value.Unanticipated, however, were the strength of the impacts of negative changes in company reputation.A minor decrease in reputation (-1%) has 34 times the impact than an equally minor increase in reputation (+1%).

A strong positive business reputation attracts customers, investors and employees.This has great benefits for a company because it will book more business, create an easier time raising money and recruiting employees.One of the great gains of a positive reputation is the loyalty it generates in customers and employees.Loyalty will cause customers and employees to stick with a company through tough times.A good reputation also makes a customer more likely to give a company the "benefit of the doubt".This will make a customer more likely to tolerate a huge mistake and to not resort to the courts to settle a dispute.

About the Author

Deb Weidenhamer is President of Auction Systems, the Southwest's most active auction and appraisal company.

Visit us online at Auction Systems, or call 800-801-8880 for more information.

Relaited Links:

• The Best Source for Wholesale Video Games Lead Generation: Explained!
• Make Money Using Multiple Streams Of Income
• Business News From The Q4 Survey