Reputation Economy

REPUTATION ECONOMY 1

ReputationEconomy

Reputationeconomy refers to the situation where brands are built on the basisof their perception in the online society and their deliveryefficiency while offline. Professionals are usually treated likeproducts and they are mostly commented on, rated in accordance withtheir reputation thus this economy is treated like a market place.It’s a market place where positive brand interactions will have achance of new opportunities while bad brands will have a badreputation which ultimately leads to their diminish. In this regard,reputation economy creates a record for personal brands.

Inbuilding an online reputation, one should embark on good marketing tohave a strong and trusted brand. Your responsibility should be toguard and manage the already built reputation so that your productwill sell itself to the world. In this regard, reputation determineshow people will see you and ultimately do for you (Schawbel, 2011).In the recent times, advances in the technology have fueledreputation economy due to the data and information that is easilyaccessible on the internet. In this regard, digital reputations arebecoming the most valuable currencies in the current times.

Therise of the reputation economy has been enabled by the sharingeconomy development in the internet people can almost shareeverything and anything from knowledge to our belongings like cars.In this case, one needs to be entrusted because one needs toestablish safety and trustworthiness for them to have better trustedtrades. The rise of this economy has been fueled by the emergence oftechnologies that have introduced new kinds of exchange platforms(Klein, 2014). These platforms help people to have enough informationabout who they are about to trade with. In essence, consumerexpectations on corporate responsibility as well as intensity ofmedia coverage have led to the rise of reputation economy.

References

JoeshKlein. January 8th2014. The rise of the , Retrieved fromhttp://www.weforum.org/agenda/2014/01/the-rise-of-the-reputation-economy/

DanSchawbel. February 28th2011. The is Coming are, you Prepared? Retrievedform, http://www.forbes.com/sites/danschawbel/2011/02/28/the-reputation-economy/#47505a7a40dc