An industry of online fixers has emerged in the recent past to protect its clients against damaging information on the Web.It is no secret that the explosion of social media has ushered in a new era of digital transparency which has empowered the consumer to enhance or destroy the reputation of companies. In a true sense, though good and bad reputations are two sides of the brand coin, companies would always want to retain their competitive advantage of having a good reputation and hence pour in millions of dollars in brand building campaigns. Despite all these efforts, it is quite possible that even a single online reputation disaster can undermine the company's reputation.
For instance, the worst nightmare of US-based Kryptonite, a maker of high-end locks for bicycles and other sporting equipment, had come true in 2004 when a post on a forum revealed that a high-priced Kryptonite lock could be opened in no time with just a ballpoint pen. In a very short span of time, the news spread like wildfire and reached thousands of bicycle enthusiasts across the world. As a consequence, the company had to volunteer a lock exchange program in all the countries where they had a presence. Besides this, it also ended up in redesigning the age-old product in just 10 months' time. This episode underscores the growing power of online media in deciding the future of the businesses. |
