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Reputation ManagementHow does your firms reputation fare in the court of public opinion? Among your firms most valuable assets are its talented people, its client relationships -- and its reputation. Strangely, while firms spend considerable time actively nurturing their people and their client relationships, they are often passive about managing their reputations. No problem, you might think. Reputations take care of themselves, right? Wrong. The reputation of your firm requires active, not passive, nurturing and protection. And the pay-offs from possessing a superior reputation are considerable.
The economic power of a good reputation Recent years have seen the emergence of reputation as a significant economic factor on Wall Street. A Cambridge Group study points out that brands with superior perceived quality earn net margins nearly four times that of brands perceived to be inferior. More significantly, the same study concluded that companies in the top quarter of the American Consumer Satisfaction Index had share price appreciation twice that of the S&P 500. Analyses of some highly successful stocks suggest that as much as 60% of their equity price is determined not by the underlying hard assets of the organization, but by the less tangible, but very real value of their corporate reputation. Not surprisingly, new studies are demonstrating that the companies that most actively manage their reputations, as measured by the time, resources and attention they apply to the task, rate most highly in reputational quality. Relevance to non-public firms? All right, reputations matter. But what relevance is this to non-public firms that have no stock price to track their success in building a great reputation? For starters, in consolidating industries such as the legal and accounting professions, a great reputation is an asset whether you are pursuing an acquisition or being pursued. Equally important, organizations with great reputations can command higher prices, borrow at lower capital costs, enjoy strong endorsement from influence sources, attract and retain better employees, enjoy favorable media attention, recover from setbacks more quickly-the list of plusses goes on and on. Keys to a good reputation So how do you build a great reputation? Charles Fombrun, professor in the Stern business school at NYU and author of a seminal book on the subject, notes that there are consistent characteristics in organizations with great reputations. These organizations evidence the following attributes • they are leaders and innovators in their industry, not followers • they express a clear set of organizational values and direction • among their employees and clients, they inspire confidence, loyalty, even passionate advocacy • they are often led by a leader who is a fervent champion for the organization • they engage in constant dialogue with their constituencies, always knowing whats on their minds • they actively manage their reputations A 4-step process The skill of managing your firms reputation is a 4-step process 1) reputation assessment, ) reputation goal-setting, ) reputation gap analysis and 4) reputation management. The process starts with fully understanding the reputation you currently possess among your employees, clients, prospects, competitors, media, and other audiences who influence your business. Discovering your real reputation requires that you clear your mind of self-prejudices about your firm and really listen to what your constituents have to say. Often times, its is best to hire an independent researcher to help you with this task. Defining the reputation your desire Next, an organization must set its reputation goals by defining the reputation it desires and by fully understanding the reputation that will be needed if it is to achieve its business goals. For example, while a professional firm may desire to serve clients nationally, a reputation that is strictly local will likely prevent the realization of its business goal. In defining your desired reputation, it is best to describe the qualities and attributes that you would like others to associate with your firm. Do you wish to be viewed as visionary and innovative? As a leader in specific skill areas? As a great place for women and minorities to work? Whatever attributes make sense for your firm, identifying the gaps between todays reputation and tomorrows desired reputation will help clarify the misalignments and direct your attention to where your reputation needs building and reshaping. Reputation is everyones responsibility Finally, once it is clear what reputation you want to achieve and what you must do to achieve it, the hard work of reputation management begins in earnest. A word of caution here managing your reputation is not simply about writing a new brochure or putting out a press release. While your communications and marketing staff provide critically important assistance in managing your reputation, and a public relations firm can be an invaluable outside partner, the responsibility starts at the top of the firm and works its way throughout the organization. The task of shaping your firms reputation begins with the senior-most managers, all of whom must take an active role in projecting the reputation your desire. Reputations matter. Just ask Jack Welch of GE or Herb Kelleher of Southwest Airlines, two CEOs whose careful management of their firms reputations has added billions of dollars to their equity value. Or ask Douglas Ivester, former CEO of Coca Cola, whose corporate reputation (and his own career) took a bad bruising when it failed to manage and protect its reputation with panicked Belgian and French consumers. In the end, the reputation of your firm is only as good as your skill in managing it. __________________________________________________________________________________________Kevin OKeefe is managing director of the Baltimore office of Weber Shandwick Worldwide, which provides public relations and marketing services to regional, national and international companies and organizations
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