In this world where business is news-driven, it is crucial for companies to maintain a good reputation, which will steer them to success. Companies establish such corporate identities that not only define what they stand for, but also have a positive or negative impact on their clients. Herein, the concept of reputation management is established. Reputation management is a way of keeping a track of people's actions and opinions. Reputation management keeps a report of these opinions and creates a feedback loop. It also involves the process of transforming the negative opinions into a positive one. Tracking and reporting is done by word-of- mouth as well as statistical analysis of innumerable data points.
Why Reputation Management?
CEOs and senior management have understood the importance of reputation management and how reputation can either make or break a company. If a company has an excellent reputation, it is sure to attract business and investment partners, boost sales, hire employees, convince lawmakers and legislators, and overall have a huge positive impact oneveryone. The reverse will happen if the company lacks a good reputation. Having a firm reputation builds confidence for the future of the company. In a time when there are busy markets, it can push for profitable sales, draw as well as retain competent employees, deter competition, make requests to business partners and capital investors, besides numerous other advantages.
Tools And Techniques
Building a firm reputation requires certain tools and techniques such as media content analysis, KPIs (key performance indicators), stakeholders' evaluation, opinion polls, reputation scorecards, competitive benchmarks, internal communications and new media measurement, and research in a crisis. However, these techniques to boost a company's reputation are only a support system to a whole range of other systems, which include carrying out surveys and making a study on the company reputation, surveys on corporate image, and comprehensive studies on thought leadership, research on stakeholders, and various rating methods in P and communications as well as their measurements. Such techniques are incorporated so as to eliminate all kinds of negative publicity and maintain a strong, firm reputation in the eyes of the public.
How It Is Done
Having a complete reputation management system that is proactive, reactive and that which takes constant measures, ensures that the company's reputation is protected, intact and improved. Some methods are:
Ø Conducting PR campaigns: In order to keep up with the ever- changing pace of business, the company will have to continuously promote its reputation. This can be achieved through PR campaigns for launching its new products and services to its prospective clients.
Ø Giving prompt responses: Companies can also keep good relations with their customers by responding promptly to their queries and complaints via phone, mail or email.
Ø Incorporating reactive reputation management: In the case of a problem having arisen, it is recommended that the company resort to reactive reputation management to control the damage and resolve ongoing issues.