Online Reputation Management is on the top list in today hyper connected world
Online presence is practically mandatory these days, for corporations and individuals alike. The complexity of building and preserving an online profile in the wilds of modern social media, as well as the need to manage online reputation, have prompted the surge of a new and fast growing tech market: online reputation management.
As building a reliable and authentic online presence is challenging, time consuming and potentially expensive, corporations and institutions are now also waking up to the importance of protecting their online image.
According to Deloitte Global Risk Report, reputation damage is the number one risk concern of business executives across the world — rightly so, as research from Bright Local revealed that 85% of consumers trust online businesses reviews as much as personal recommendations, thus highlighting the urgency with which companies need to act to maintain their online integrity.
The need for innovative and effective tools to track and manage online profiles has spurred the growth of an entire industry, called Online Reputation Management (ORM). ORM services are used to positively influence consumers’ perceptions about a product, company, brand or other entity in online media.
The relatively young ORM market is indeed growing fast. Consulting firm BIA/ Kelsey estimates that small and medium-sized enterprises (SMEs) in North America spend up to $700m annually on online reputation management tools.
“Executives can spend long years developing a strong brand. It can be beyond unsettling to wake up one day and see defamatory remarks appearing online, particularly when the items move beyond constructive criticism to include outrageous accusations and even slanderous or libelous remarks,” said Don Sorensen, president of Big Blue Robot, in an interview to Forbes.
One of the main reasons behind this exponential growth of ORM services is the barriers users face when attempting to remove online data. In a Reputation Awareness report, 88% of respondents said that they find it difficult to remove inaccurate information from the internet. On top of that, studies indicate that the dissemination of negative news is a lot more rapid than positive news.
Authorities have also felt the pressure to put regulations in place to address and prevent online misconduct. In 2015, the European Commission enacted the “Right to Be Forgotten” law which resulted in millions of pages being deleted from online search engines over the allegations that online results could damage people’s life.
Despite efforts from central bodies, private ventures and start-ups are the ones really striving to solve and prevent issues, in particular initiatives deploying the latest technologies to build a stronger, more effective response mechanism.
Investment Opportunity: Right of Reply (RoR)
Based in London, with a global network and footprint, Right of Reply (RoR) was born to allow everyone to respond personally and directly in a specific, unequivocal and timely manner to any online content that may affect his/her reputation.
RoR is an innovative Social Impact Technology company providing rapid, low-cost, and legally sound solutions, to both individuals and enterprises to manage their reputations. Through its online platforms, RoR ensures anyone’s ability to counter unfair, inaccurate or erroneous content with timeliness and relevance, as well as offering media outlets protection against defamatory lawsuits and preventing spread of fake news.
One of the main current challenge is that search engines evolve faster than the tools available on the ORM market. Exploring the use of innovative blockchain technology, RoR is inserting a modern take on the ‘Right of Reply’ — a right granted by British Common Law, to guarantee speed and accuracy.
Under the principle of fairness, anyone who has been defamed has the right to reply to that claim in the same location and by the same means as the offender. In the online world, the medium is the “post” and the reply should therefore have the same timeliness and weight as the original post.
RoR’s platform works by verifying the identity of the person cited in the original post and reserving a response position for that person, which is pinned to the original post. The blockchain ledger is permanently affixed to the response so that any future changes in the ledger will result in another alert on the ROR profile page of the cited person.
Right of Reply has today reported its Audited Results for the period ended June 2018 which show a strong performance during the first half of the year 2018.
“I am pleased to report initial positive results. Although they only refer to our first six months of operations, they bode well for the Company’s future as we are establishing RoR as a leading ground-breaking company operating in the online reputation management field, a market with high growth potential. We believe in the importance truth plays in maintaining a free and fair press, so have developed our unique set of management tools for online and real-world reputations,” commented CEO Tom Brooks
Right of Reply is preparing for a public Listing.
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