Why Your Reputation is the New Digital Currency

Why Your Reputation is the New Digital Currency

Building your Reputation Capital Online

 

It takes many good deeds to build a good reputation, and only one bad one to lose it.”   -Benjamin Franklin

 

Everyone knows how important your reputation is in business. If you have a great reputation, it can greatly increase your business by word of mouth through the relationships you build.

Reputation Building

Today, your reputation can be thought of as an actual currency, called reputation capital. It’s used as a currency of trust between strangers. You can build your reputation by helping others. When you build your reputation capital, it’s a currency that shows others, “you can trust me.”

Online reputation systems are the new mechanism of trust between individuals, anywhere in the world. The more you participate online, engaging others, the more reputation capital you earn. The more you earn, the more you can participate online being trusted. If you build enough capital, your following will grow and you’ll become an influencer. People will give you their attention. They will seek you out for your advice and services. 

Influencers are influential because they have a unique relationship with their community.Click To Tweet

 

Remember, online, you are being watched by your peers.

You actually leave a reputation trail whether you realize it or not. With every comment you leave, questions you answer, or discussions you start, you leave a cumulative record of how well you collaborate with others and if you can be trusted. Sometimes, people aren’t conscious of their “reputation capital” or have to experience a loss to realize how important it is. Others don’t see the ramifications of their actions.

In everyday life, you might have a disagreement with somebody and go your separate ways. That person may speak badly about you to someone else, but it’s unlikely to damage your reputation in the long term.

However, online, when somebody posts on their social media or review sites, they don’t just tell one person, but hundreds or thousands. The consequences are vastly different.

It means you really have to go the extra mile in the way you interact with people online.

Once you start gaining reputation capital, you can begin to leverage the Rich -get – richer principle.

 

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