Manage Your Reputation in the Social Media Age
Reputation cited as the #1 strategic risk.
In Deloitte’s global survey; Exploring Strategic Risk
, reputation is cited the #1 strategic risk. The findings cut across most industry sectors and ranks above threats to their business model and the impact of economic trends and competition.
The rise of social networks and blogs has created new expectations on transparency and openness. Communication has no boundaries, it travels around the world in seconds, and there is no single voice that can dominate information or opinions anymore. This creates an urgent need to establish a proactive and prepared communication structure that can act fast to live up to the expectations from any audiences at any time.
Leadership support is essential, with true commitment from top level managers and the board. The corporate brand must be viewed as a strategic risk and be a part of the strategy and decision processes. To achieve success with the company strategy it is important to have a compelling narrative about your vision, with stories that explains, not only WHAT you are doing, but WHY and HOW you are doing your business.
Key success factors for how to manage your reputation.
- Architect a Governance Model for communication that interconnects all parts of the the business. With workflows, roles, guidelines and tools that cut across the silos internally. A governance model that support and engage all managers and employees to play their part in communicating with colleagues, customers and their communities. Read more.
- Act as a Media Company. Establish a brand newsroom and you will be able to consistently give an audience what it wants. This is easier said than done. It takes time, resources and change of culture, but it is the way to be successful in the social media age. Read more.
- Apply a Societal Perspective. Understand how your business is perceived as a whole at all levels; globally, nationally, locally. The corporate brand should be a statement of your place in society, its values and its principles. It takes a substantial engagement with your audiences to define what matters to them and what they expect from you. But by staying true to these expectations it will build trust, legitimacy and reputation. Read more.
How to create a clear identity.
We call our concept for ClearID because this is what it comes down to. Who are you?
In the age of transparency and openness your audience wants to know much more about your business than before. The corporate reputation has become more important to achieve business goals and stay competitive. Public confidence in business is low and public scrutiny of business is high and that is way you need to focus more on the corporate brand. To make sure the whole organization is part of building and maintaining reputation.
There are several terms that are used to describe reputation, like identity, image, reputation and corporate branding and they can mean different things to different people. We are using the definition from a Corporate Reputation Review, by Argenti and Druckenmiller which was published already 2004. Two of these terms, identity and corporate brand can be defined and communicated by a company. The other two terms, image and reputation are results of the impressions from the audience of a company’s behavior.
What are the benefits?
By creating a structured approach to reputation management, you will be prepared to
- Minimize your strategic reputation risk by creating a clear identity
- To stay competitive and gain a strong relationship with your audience
- Ad extraordinary value to the bottom line
Would you like to know more?
We’d love to meet you to discuss how your organization could discover reputation risks and opportunities – and get started in creating a clear identity in the social media age.
As a starting point – we typically perform a quick assessment of your current reputation profile, and prepare a plan of prioritized actions based on our first hand experiences on how to gear up your organization for the changes ahead.