I loved this article so much because it talks to what we have been talking about in class. Companies are finding out that consumers are more in control of their reputation than ever especially with social media. Businesses that can implement the social web effectively into their marketing efforts and get people talking about them favorably online will most likely succeed. As the article states “reviews can either build up a brand’s name, or tear it right down to the ground.” What I found curious though was what studies from Wharton doctoral candidate Jae Young Lee and Wharton marketing professor Raghuram Iyengar yielded. According to them, reviews should be mixed. If they come from people with overwhelmingly similar tastes, then the profitability for the company could be negatively affected.
So what companies now have to figure out is how to reduce negative reviews and then get the right social groups talking about them favorably. In other words, companies have to figure out a way to be socially rich as this will be the new currency of credibility. The question I am posing to the class is what things can companies do to improve their social richness.