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Wednesday, June 29, 2022

3 Key Steps in Reputation Management

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A company’s reputation is an intangible, but extremely important asset. A good, solid reputation helps organizations grow and build relationships. All audiences, from consumers to customers to employees to partners, seek and trust the organizations with the best reputations. It is vital, then, that a company monitors and manages its reputation so that it remains positive. An organization can build and maintain a strong reputation by following these simple steps: 1. Cultivate Strong Relationships: This is a critical step in reputation management. It is important to understand that the best relationships are the ones that benefit both parties—the company and its constituents—because they need each other. Target the key areas and key leaders that really matter to your organization and focus on honoring and building strong relationships with them. 2. Know and Believe in Your Intrinsic Identity: All individuals in the organization, from the CEO to the secretary, must know and believe in what the company stands for. This identity should be the primary driving force behind the way day-to-day operations are handled and is the strength of an organization. If employees know the intrinsic identity, it often determines how they will react in any situation. 3. Match Your Communication with Your Behavior: A company must do what it says because one of the most damaging blows to a reputation is saying one thing and doing another. A reputation is built and relationships grow based on trust. If your company’s actions do not follow its words, you will not build the trust that is needed to build, grow and maintain a strong and positive reputation. Reputation management is an important aspect of running a successful business. We have seen a company falter when it fails to properly manage their reputation. Enron’s failure to honor it intrinsic identity and its commitment to its constituents led to its downfall. We have also seen a company succeed when its reputation is managed well even after a crisis. Johnson & Johnson successfully handled two potential blows to its reputation after its product was tampered with by quickly responding to the situation through honest communication with the public. Today, Johnson & Johnson is one of the most respected companies in the world. Taking the time to build, grow, manage and maintain a positive reputation will only reap the benefits of success.

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