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“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 Buffet
Corporate reputation has so many facets, it’s hard to get all the information in one place. We’re here to remedy that. This corporate reputation guide will break down everything you need to know about corporate reputation:
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- Corporate image and corporate reputation are subjective perceptions that affect how people see and interact with your business.
- Corporate image is more about how a brand makes people feel, while reputation includes people’s perceptions of a company’s products, leadership, finances, social responsibility, and interactions with its customers, employees, and community.
- Both corporate image and reputation can impact a company’s revenue and success.
- Even if you have a good corporate reputation, a poor company image can hurt your revenues.
- Incorporating image consulting into your reputation management strategy can improve your brand’s reach and success.
At a first glance, a corporate image and a corporate reputation might seem like synonyms. There are definite similarities between the two: both your corporate image and your corporate reputation are important subjective perceptions that affect not only how people see your business, but also how and if they do business with you.
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- Your company’s reputation is arguably its most valuable asset.
- 63% of your market value is attributed to your corporate reputation.
- The Internet and social media have made reputation insurance more vital than ever.
- Reputation insurance policies can be purchased individually or integrated into existing company insurance policies.
- Stand-alone corporate reputation insurance policies are designed to cover any financial losses that relate to diminished sales from a damaged reputation but come at a much higher price than an add-on policy.
Of the many things that we count on in life, our reputation ranks amongst the most important. Often directly linked to our chances for social success, reputation is the intangible standard that affects our personal and professional life in a very tangible way.
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Measuring the impact your corporate reputation has on your business
- Measuring the value of corporate reputation is important yet challenging.
- Corporate reputation is only becoming more valuable to companies.
- Measurement is difficult because corporate reputation is an intangible asset. It is difficult to quantify how people think and feel about your brand.
- One approach to measuring corporate reputation is analyzing a company’s stock prices, financial statements, and brand loyalty.
- Companies can measure customer loyalty by looking at their net promoter score, customer loyalty index, customer lifetime value, and/or repeat purchase rate.
- At the core of the challenge of measuring the value of corporate reputation is accurately combining the impacts of quantitative vs. qualitative factors.
There is no perfect formula for measuring the value of corporate reputation. While many researchers have presented theories, a brand’s reputation is still an intangible asset. We know it is important, yet it’s challenging to quantify because it focuses on how people think and feel about your brand.
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One incredibly effective method for making sure good search results outperform bad ones is to produce and share really good content (learn to make compelling content here and also here). Good content encourages engagement and creates more reasons for people to end up on your site.
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ORM strategy after a problem occurs
Research shows that, on average, Americans tell 16 people about a bad service experience.
Reputation tragedies can range from negative reviews online to full-blown global media crises. While a media crisis may seem a bigger problem, bad reviews that happen over a longer period of time can be more problematic. Whatever brand sentiment crisis happens, a post-crisis cleanup can help bring consumers back.
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- An executive bio is a summary of your professional narrative
- It’s written much the same way as other narratives using key elements about the executive
- Using these seven tips can make your executive biography more engaging and effective
- A shorter version of your executive bio can enhance your resume
- You should keep the length of your bio to a single page to maximize its efficacy
As a professional, whether you’re an entrepreneur or a key figure at a large corporation, there are times when other people and entities want to know who you are in your industry. Resumes can tell them what you do, but a well-written executive profile will convey your real value and personal brand. It can even work to improve your digital footprint and online reputation.
Writing your executive biography yourself will infuse it with your “voice” and make it stand out as a genuine representation, rather than a fill-in-the-black answer sheet.
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Corporate reputation is factoring more and more in a company’s value.
A report released by global communications firm Weber Shandwick found that global executives attribute an average of 63% of their company’s market value to their corporate reputation.
The wide variety of the factors that contribute to corporate reputation, from work environment and corporate culture, to quality of products and services, to community engagement and environmental responsibility, show the increasingly interconnected relationship between business, society, and human emotion.
Ways to measure corporate reputation include the Corporate Reputation Quotient, shareholder value, and Net Promoter Score.
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Google keeps a pretty short list of types of content that it will remove from search results. One of which is intellectual property, including trademarks, copyright, patents, trade secrets, and other proprietary rights.
Here are some examples of what Google considers as commonly misappropriated copyrighted content:
- Cover art for music albums, video games, and books.
- Marketing images from movies, television, or video games.
- Artwork or images from comic books, cartoons, movies, music videos, or television.
Google search result removals have grown exponentially over the years. As Google indexes more content, and people rely on search results more, search result removals grow.
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Fake reviews are like fake news but on a smaller scale
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The best reputation management strategies are proactive. In other words, if you aren’t actively managing your brand’s reputation, you are already behind.
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- A percentage of your company’s value can be attributed to your corporate reputation.
- In 2019, corporate reputation was responsible for one-third of the valuation of the world’s top 15 stock markets.
- Investors are more likely to buy stock in a company with a good reputation than one with a bad reputation.
- Focus on foundational business goals like satisfying customers, attracting strong employees, and generating long-term company growth.
- Over 50% of the Walt Disney Company’s value can be attributed to its reputation.
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Corporate social responsibility (CSR) as a strategy is an essential part of your company’s reputation. Not only will your CSR help build your corporate reputation and customer base, it also will help protect your business from reputation damage and accelerate your recovery time after a crisis.
CSR mistakes can damage or even ruin your reputation, so it’s vital to plan and implement your strategy properly. We’ll discuss the basics of CSR, as well as the benefits and how to utilize it for business growth and stability.
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- According to Andrew Lester of FreshBusinessThinking.com, “A company’s corporate reputation is the sum of all the views and beliefs held about the company based on its history and its future prospects, in comparison to close competitors.”
- Corporate reputation is arguably a company’s most valuable intangible asset.
- Underestimating the importance of corporate reputation can be fatal.
- A positive corporate reputation is very difficult for competitors to replicate or overcome and can have a huge impact on a company’s bottom line.
- One of the keys to building and maintaining a good corporate reputation is keeping your stakeholders in mind first and foremost.
- Corporate reputation can be molded by things like search engine results, the content on your site, reviews, news coverage, and public actions by your company and its leaders.
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- Learn from the mistakes of companies that have weathered reputation-threatening problems to avoid experiencing a reputation crisis.
- Every company makes mistakes. How you fix those mistakes determines whether they make or break you.
- By facing up to mistakes, addressing the concerns of your customers, and taking a proactive approach to solving problems, you can save your reputation.
- It is critical to face up to problems promptly, directly, and honestly.
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Corporate reputation is formed by various factors that shift public opinion over time. These factors include search engine results, news coverage, social media posts, reviews, and other public comments. Reputation work is essential whether you are currently in good standing or have suffered a blow. Irrespective of the activity that may have led to poor public opinion, it is essential that corporate reputation is protected to keep up with the pace of modern life.
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What is reputation risk, and how to reduce it
Reputational risk is finally starting to gain some traction among executives and decision-makers as a legitimate and essential part of their business strategy.
Considering the massive and sometimes devastating effects of reputation damage, it’s a wonder there are still so many businesses leaving themselves vulnerable.
Learn more about what reputational risk is, where it comes from, and how you can protect your company from the losses it causes.
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The fact that the word “searching” is now interchangeable with the word “Googling” should tell you just about everything you need to know about what Google can do for a business that needs to be found.
Since 2014, Google My Business has been connecting local businesses with a bigger and better audience than they ever would have had access to on their own. With the accelerating transition to digital, it’s more vital now than ever that you get your local business online. So how do you get on Google My Business and why is it so important that you do?
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- We live in an economy where about 70-80% of market value is derived from intangible assets such as corporate reputation.
- Your company’s reputation is easier to gauge than you might think thanks to the Harris-Fombrun Corporate Reputation Quotient Model (CRQ).
- Many people consider The Harris Poll/CRQ to be a reliable validation of corporate reputation, so it can drive public perception of a company positively or negatively.
- The CRQ has become an invaluable tool for companies when managing corporate reputation and identifying new market risks and opportunities.