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This spring, Nielsen, the research firm best known for television ratings, released the results of its 2014 Global Reputation Study, and in the United States, 54 percent of respondents indicated they had personally stopped doing business with certain companies because of “something they learned about the way the company conducts itself.”
Corporate leaders generally think of their firm’s overall reputation purely in terms of product strengths, financial performance or processes, often leaving the heavy lifting of defining and building reputation to marketers and communicators. In what’s quickly becoming dubbed a “reputation economy,” managing your company’s reputation is a full-time job. The whole organization must think about reputation well beyond merely branding, positioning or managing financial risk.
In a recent white paper—“The Truth Will Set You Free: Debunking Three Myths about Corporate Reputation”—Pierpont Communications identified three critical myths that can cloud the judgment of business leaders when thinking about their company’s reputation:
Myth #1: Awareness equals reputation: Building reputation is always founded on your integrity, including how you conduct your core business as well as how that gets communicated to your employees and the outside world.
Myth #2: My reputation is what I say it is: This, above all, is the trap that organizations fall into far too often. Telling the world about your stellar reputation when there is more than meets the eye will fool no one. In essence, you can’t just say what or who you are: you must walk your talk.
Myth #3: I don’t need to care about reputation – I just need to manage risk: Reputation-building programs need to be closely aligned to the firm’s risk management functions, and vice versa.
To read more about how you can successfully manage your company’s reputation and debunk these myths in the workplace, read the full article here.
James (Jim) Savage is Senior Vice President and General Manager of Pierpont’s Dallas office.