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Reputation Economy

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If you think your reputation doesn’t matter, you many want to revisit that opinion. Recently Wired magazine wrote an article called “Welcome to the new reputation economy” where they stated that your online history is going to be more powerful than your credit history.

We all know that consumers are reading reviews before making purchase decisions or even before they contact a company. But according to Wired’s article, your online reputation is going to become an important element in every aspect of your business.

Here are a few highlights from the article:

Personal reputation has been a means of making socioeconomic decisions for thousands of years. The difference today is that network technologies are digitally enabling the trust we used to experience face-to-face — meaning that interactions and exchanges are taking place between total strangers.

…Reputation fills this gap because it’s the ultimate output of how much a community trusts you.

…”We are only at day one in the whole idea of global reputation,” Chesky says. “There really could one day be this reputation economy that allows us to do so many different activities that we can’t even imagine right now.”

…By the end of the decade, a good online reputation could be the most valuable currency in your possession.

Ask us if you’re unsure how to develop your reputation. We can help you develop strategies and find the right tools to help you get started.

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