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Reputational management: ignore at your own peril

Reputational management: ignore at your own peril Of a company’s most valuable assets, its reputation is among the hardest to build and the easiest to lose. Reputation is also no longer merely a question of brand image and visibility, or “looking good” while dealing with major corporate crises. The other side of reputation is about protecting against the loss of the valuable intangible assets that companies build up over time, such as trust, loyalty and good relationships with stakeholders. Leading global companies are coming to realize that they will be in a much better position to manage change and challenges – financial as well as social and environmental – if they have invested in their relationships with their stakeholders. This means building trust, loyalty, commitment to values, and transparency. However, companies should also reflect on why a good reputation is important to them, who the reputation is aimed at (which stakeholders) and for what purpose (how do they aim to influence stakeholder behavior). Wasting time on the “wrong” stakeholders, such as the media and isolated high‐profile campaign groups, can be as bad as making no effort at all. Consequently, this article focuses not only on the drivers behind the increasing importance of reputation management in our global society, but will also address how companies should take up this challenge. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Handbook of Business Strategy Emerald Publishing

Reputational management: ignore at your own peril

Kevin Money; Louise Gardiner
Handbook of Business Strategy , Volume 6 (1): 4 – Dec 1, 2005
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Publisher
Emerald Publishing
Copyright
Copyright © 2005 Emerald Group Publishing Limited. All rights reserved.
ISSN
1077-5730
DOI
10.1108/08944310510556946
Publisher site
See Article on Publisher Site

Abstract

Of a company’s most valuable assets, its reputation is among the hardest to build and the easiest to lose. Reputation is also no longer merely a question of brand image and visibility, or “looking good” while dealing with major corporate crises. The other side of reputation is about protecting against the loss of the valuable intangible assets that companies build up over time, such as trust, loyalty and good relationships with stakeholders. Leading global companies are coming to realize that they will be in a much better position to manage change and challenges – financial as well as social and environmental – if they have invested in their relationships with their stakeholders. This means building trust, loyalty, commitment to values, and transparency. However, companies should also reflect on why a good reputation is important to them, who the reputation is aimed at (which stakeholders) and for what purpose (how do they aim to influence stakeholder behavior). Wasting time on the “wrong” stakeholders, such as the media and isolated high‐profile campaign groups, can be as bad as making no effort at all. Consequently, this article focuses not only on the drivers behind the increasing importance of reputation management in our global society, but will also address how companies should take up this challenge.

Journal

Handbook of Business Strategy – Emerald Publishing

Published: Dec 1, 2005

Keywords: Corporate strategy; Communications; Customer relations

References

  • Delivering Enlightened Shareholder Value
    BT Group
  • Partnership Report
    Co‐operative Bank
  • CSR Monitor
    Co‐operative Bank
  • Global Campus Monitor
    Globescan
  • CSR Monitor
    Globescan
  • Voice of the Leaders Survey
    WEF