The global online reputation management market is expected to grow with a CAGR of 3.8% during the forecast period. The increasing competition in the market requires organizations to maintain a positive image in front of their customers. Moreover, the use of online reputation management reduces the cost of retaining customers, which is higher as compared to the cost of maintaining existing customers.
Organizations use the online reputation management system to mitigate a company’s negative image creatively, by strategizing new campaigns to enhance its brand image. It identifies negative reviews and focuses on highlighting the positive aspects of a company. It keeps engaging with loyal customers through social media platforms and blogs, which helps in creating brand awareness and in maintaining a healthy relationship with its customers.
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However, the high cost associated with the implementation of online reputation management system can hinder its market demand. The demand will further accelerate during the forecast period, owing to the growing internet connectivity and the increasing use of social media by consumers, which are encouraging organizations to use ORM to enhance their brand identity.
The market is segmented on the basis of service, deployment type, organization size, and region. The organization size is categorized as small and medium enterprises, and large enterprises. The small and medium enterprises segment is expected to witness significant growth during the forecast period. SMEs are widely adopting online reputation management to improve their brand identity.
North America is currently dominating the market owing to the presence of various multinational companies such as Apple, Wal-Mart, Google, and others. These companies understand the need for creating a positive brand image among customers and are, therefore, investing in online reputation management.
The key players in the online reputation management market are BirdEye, Broadly, Circus Social, Hootsuite, Neumann Paige Inc, NiceJob, Podium, ReviewTrackers, Sprout Social, Webimax, and others. Various strategies such as partnerships, mergers and acquisitions, joint ventures, and others are being adopted by organizations to expand their market portfolio and generate revenue. For instance, in 2018, Reputation.com, a California-based online reputation management company acquired SIM Partners, a digital marketing technology company. This acquisition will help Reputation.com to access SIM Partners’ huge data of customers to provide robust reputation and reviews platform.