Reputation management final
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Corporate reputation is increasingly important due to shortening CEO tenures, multi-stakeholder pressures, and constant social media scrutiny. A good reputation supports sales/marketing, innovation, and resilience during crises. Reputation is what stakeholders think of a company based on its behaviors, while brand is what the company wants to convey. Reputation is advanced through actions, stakeholder engagement, risk assessment, and thought leadership. It is evaluated based on categories like innovation, leadership, and financial soundness. Building reputation requires awareness, favorability, trust, and advocacy through products/services, relationships, actions, and branding. Managing reputation during crises requires adhering to core values, including all stakeholders, and leveraging experienced advis
Reputation management final
- 2. Why reputation matters more than ever • Increasingly short CEO tenures • Multi-stakeholder pressures • 24/7/365 and always-on spotlight of social media • Constant talent attraction and retention challenges
- 3. Importance of a good corporate reputation • Core of the brand identity • Relationships with consumers and business partners • Support sales and marketing efforts • Sensitivity to societal shifts may lead to innovation and new opportunities • Good will and support when things go wrong “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” − Warren Buffett
- 4. Reputation vs. Brand Reputation What your stakeholders think of you Behavior How your actions, attitudes and behaviors influence both brand and reputation Brand What you want people to think about you and how you want them to relate to you
- 5. Advancing or damaging corporate reputation Corporate Reputation CORPORATE ACTIONS AND BEHAVIORS STAKEHOLDERS NEEDS AND CONCERNS EXECUTIVE THOUGHT LEADERSHIP CONTINUOUS RISK ASSESSMENT
- 6. How the world evaluates corporate reputation Barron’s – Most Respected Companies Fast Company – Most Innovative Companies Forbes – Most Reputable Companies; Best Place to Work For; Most Innovative Companies FORTUNE – 100 Best Companies to Work For; World’s Most Admired Companies Reuters – 100 Global Innovators Chief Executive – Best Companies for Leaders Business Insider – Best Places to Work MIT Technology Review – 50 Smartest Companies
- 7. Building and maintaining reputation Awareness Familiarity Favorability Trust Advocacy Products, services People, relationships Corporate Actions Branding and Brand Behaviors and Attitudes Reputation Management Industry and Social Leadership
- 8. Building blocks of corporate reputation Categories that may be considered when evaluating a company’s reputation and consideration for inclusion on “most respected” or “best-of” lists. Best of lists convey a third-party view of a company that is credible. Each of these categories represent areas where companies can develop proof points to advance their reputation and also to draw upon as a pool of good will when things go wrong. Innovation People Management Use of Corporate Assets CSR Global Competitiveness Quality of Leadership Financial Soundness Long Term Investment Product and Service Quality
- 9. Building a reputation enhancing program Internal & external reputation Strong product/service narrative CEO positioning & corporate narrative Employee engagement
- 10. The responsibility of the business • Be mindful of actions not dependent on spin • Understand the full spectrum of stakeholders and segment them • Identify and analyze the key issues and how they are being viewed and evaluated • Develop relationships with influencers such as grass roots organizations, industry analysts, media, business partners, certifying bodies, etc. along the way and not after the fact • Include Corporate Communications in decision making from the start because they will be sensitive to the risks and opportunities from a public perspective • Remember that Corporate communications is only one channel through which to view an organization – front line teams, e.g. sales, service, legal, all need to be sensitive to risks and their root causes • Put in place internal processes to identify, flag and evaluate risks – and communicate them to decision makers • Understand the power and ability of NGOs to apply pressure to companies with business practices that run contrary to their beliefs • Engage with legislators and be attuned to political and legislative trends • Never underestimate the need for transparency in a time when nearly everyone can record your actions and their consequences – its nearly impossible to hide bad behavior
- 11. Managing reputation when things go wrong • Adhere to the company’s core values – align all actions and communications to those values. • Place all on an equal plane – communications, operations, C-suite, legal and regulatory. • Leverage agency teams or crisis specialty resources – experience in handling reputational issues is an advantage when situations are moving fast and executives are unsure what options they have to resolve them. Our objective is to effectively minimize the negative impact of a crisis and bring a situation to an acceptable conclusion while preserving corporate, brand and personal reputations.
- 12. Most Admired or Least Admired
Editor's Notes
- #6: Authentic reputation is built upon the actions of the company and its executives. Product and service quality, working conditions for employees, demonstrating leadership on key social issues. PR is a tool to amplify the positive contributions and attributes of a company though too often looked upon to mitigate situations that arise as a result of not effectively identifying or managing risk at the business level.