Reputation management
Is reputation an asset or a by-product?
Reputation is an intangible asset of any organization, the value of which unfortunately often only becomes tangible in crisis situations. The benefits of a good reputation are indisputable: securing cash flow and investment; attracting new customers and partners; enabling successful mergers and acquisitions; improving staff retention and attracting the best employees; entering new markets and expanding brands; improving stakeholder relations; protecting in a crisis.
Although many people believe that reputation is a by-product of good performance, it can also be systematically measured and managed. In practice, strategic reputation management is about better understanding the views of an organization’s different stakeholders and taking them into account in the company’s activities. Reputation determines whether different stakeholders will continue to support the organization in their role as customers, employees, policy makers or even partners.