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Corporate reputation is the collective beliefs or opinions that communities, customers, employees, partners and regulators hold about an organization. Reputation is used to describe ideas as opposed to visual symbols and emotional impressions that are also part of a firm's corporate identity. There are several important factors that go into a firm's reputation:
Customer ExperienceCustomer experience is the primary tool that firms use to build a reputation. Important elements of customer experience include quality, customer service and design.Organizational CultureOrganizational culture are the principles, history, stories, norms, expectations, habits and symbols of an firm. A positive corporate culture with satisfied and diligent employees is associated with a superior reputation.
Financial ReputationFinancial scandals or risks such as unmanageable debt levels typically damage reputation.Reputation SystemsOnline reputation ranking and rating systems are extremely important in many industries. For example, a hotel may view its reputation primarily in terms of its ratings on prominent travel review sites. It is good practice to listen closely to comments and ratings and engage customers in venues where they talk about your business. The primary benefit of this is to identify meaningful improvements for your business.
Social MediaAs with reputation systems, social media is a way to monitor your reputation and engage customers to capture ideas for improvement. SustainabilityYour environmental and social record.Risk ManagementRisk management at every level of your business plays into your reputation. This includes risk areas such as health & safety, environmental risks, financial risks, legal risks, compliance risks, project risks and brand risks.
IncidentsIn many cases, poor practices may appear to go unnoticed by the public until an incident causes a sudden and dramatic decline in reputation.AuthenticityIt is often said that it takes decades to earn a reputation and seconds to destroy it. Promotion and reputation management that seek to create an image of a reputable firm are secondary to actually delivering on customer experience, sustainability, organizational culture and risk management.
Risks
This is the complete list of articles we have written about risks.
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