I’ve been thinking a lot about the power of reputation and the potential it has to have a disruptive effect on marketing. The fluid reputation marketplaces, like ebay and Amazon, have certainly challenged the power of branding.

Because reputation can play such an important role in the way people relate to brands and companies, it’s important to think about how to make sure you stay engaged in managing your reputation in this bottom-up economy.

Here are some things to think about:

Research Your Reputation – Think about what kind of reputation your company has. Is the internal view of your company consistent with the external view?

Understand Your Reputation – Who really owns your products and brands: you or your customers? Is your company ready to acknowledge the illusion of control and start to listen to what people really have to say about you and your products?

Tap Into the Conversation – There is a current conversation going on in the world about your company. It’s hard to really listen to the conversations that are happening in the marketplace unless you get out of your office and seek them out.

Let Go – The idea that you can completely control your reputation is another illusion. While it can be valuable in the long term, try to let go now and then and focus on the relationship with your customers in the context of the journey. Enjoy the day-to-day experience.

Participate in Improving Your Reputation – The best way to start participating is to ensure that the actions of your company are consistent with your philosophy. Do you do what you say you’re going to do?