Is your company experiencing a corporate reputation crisis?
Posted: Wed Dec 04, 2024 9:47 am
Business reputation is one of the most important assets, which can be lost immediately due to a mistake or slowly without you even realizing it.
You may not know it yet, but your company's reputation could be in free fall and by the time you find out, it will be too late.
Corporate reputation refers to how the market perceives your company in terms of its corporate values, such as:
The quality of the products and services you offer.
Honesty and business ethics in their actions.
Fulfillment of offers and commitments.
Levels of innovation.
Quality of communication.
Working conditions of its collaborators.
Physical and technological infrastructure.
Social and environmental responsibility.
Problem management.
Your company's image is one of the most important intangible assets. It is as important as the name and brand image, so it is vitally important to position it correctly in the market to generate the trust and demand that will allow for sustained economic growth.
Your company has a corporate reputation crisis
How to detect that trust in your company is at risk?
Sales are declining or you are having trouble attracting new customers. In addition to the natural challenges of competing in the market, poor decisions related to the decrease in the quality of the products and services you offer, failure to fulfill guarantees and promises, poor customer service, delays in technical support and price increases cause the loss of customer confidence.
You have difficulty recruiting and retaining the best people. If your company has a bad reputation, people will hardly want to work there.
Bad employment practices and failure to keep hiring promises will catch up with you sooner or later.
Loss of trust from your suppliers means they don't want to work with your company.
They come up with any excuse and, if they agree, they demand certain conditions such as shorter payment times, lower credit amounts, payment guarantees and a higher down payment.
Negative publicity spreads quickly through word of mouth, with highly negative comments about your company and you only find out about them when they continually appear on social media, when it is already too late to try to correct any errors.
Loss of trust and corporate image usually does not happen overnight.
It is the result of poor leadership and bad decisions that have been made for a long time, so it is difficult to realize that we are immersed in a reputation crisis.
In addition, there is a natural resistance to acknowledging this crisis for reasons of pride and personal reputation, which makes it worse.
There are several factors that can help you identify whether your company is experiencing a reputation crisis or is beginning to experience one.
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The best of Strategic Marketing
Competitive Advantage, Value Chain, Competitive Strategies, Differentiation
Click here
The best of Strategic list of south africa consumer email Marketing
Competitive Advantage, Value Chain, Competitive Strategies, Differentiation
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How to take care of and recover the corporate image?
A company's reputation goes far beyond a communication campaign, advertising and speeches. It is what is done day to day with customers, collaborators and the market in general.
Restoring reputation is a slow and costly process (it is not always successful), so it is best to start taking care of it now, which is why it is advisable to periodically conduct a study to determine the level of reputation of your company. This includes:
Ask your customers about how they perceive your company, its facilities, products and services, advertising and communications.
How do they compare you to the competition in terms of price, quality, products and services, added value and personalization of your offer? Let them mention what their experiences have been when interacting with the company.
Conduct a work environment survey of your employees that questions leadership, quality of life, treatment received, growth opportunities, job satisfaction, communication processes, etc.
Additionally, it collects the comments that collaborators have received from clients.
Remember that employees are the first to detect any reputation crisis , due to the direct contact they have with customers. They are the main ambassadors of your company.
Explore the strategies and investments of leading competitors.
What are they offering and how do they do it?
What are your internal processes and levels of satisfaction of your customers and collaborators?
Find out what their best business practices are, copy them and improve them.
With this information you will be able to correct many errors and design new strategies to maintain or regain trust and image in the market.
You may not know it yet, but your company's reputation could be in free fall and by the time you find out, it will be too late.
Corporate reputation refers to how the market perceives your company in terms of its corporate values, such as:
The quality of the products and services you offer.
Honesty and business ethics in their actions.
Fulfillment of offers and commitments.
Levels of innovation.
Quality of communication.
Working conditions of its collaborators.
Physical and technological infrastructure.
Social and environmental responsibility.
Problem management.
Your company's image is one of the most important intangible assets. It is as important as the name and brand image, so it is vitally important to position it correctly in the market to generate the trust and demand that will allow for sustained economic growth.
Your company has a corporate reputation crisis
How to detect that trust in your company is at risk?
Sales are declining or you are having trouble attracting new customers. In addition to the natural challenges of competing in the market, poor decisions related to the decrease in the quality of the products and services you offer, failure to fulfill guarantees and promises, poor customer service, delays in technical support and price increases cause the loss of customer confidence.
You have difficulty recruiting and retaining the best people. If your company has a bad reputation, people will hardly want to work there.
Bad employment practices and failure to keep hiring promises will catch up with you sooner or later.
Loss of trust from your suppliers means they don't want to work with your company.
They come up with any excuse and, if they agree, they demand certain conditions such as shorter payment times, lower credit amounts, payment guarantees and a higher down payment.
Negative publicity spreads quickly through word of mouth, with highly negative comments about your company and you only find out about them when they continually appear on social media, when it is already too late to try to correct any errors.
Loss of trust and corporate image usually does not happen overnight.
It is the result of poor leadership and bad decisions that have been made for a long time, so it is difficult to realize that we are immersed in a reputation crisis.
In addition, there is a natural resistance to acknowledging this crisis for reasons of pride and personal reputation, which makes it worse.
There are several factors that can help you identify whether your company is experiencing a reputation crisis or is beginning to experience one.
The best of Strategic Marketing
Competitive Advantage, Value Chain, Competitive Strategies, Differentiation
Click here
The best of Strategic Marketing
Competitive Advantage, Value Chain, Competitive Strategies, Differentiation
Click here
The best of Strategic list of south africa consumer email Marketing
Competitive Advantage, Value Chain, Competitive Strategies, Differentiation
Click here
How to take care of and recover the corporate image?
A company's reputation goes far beyond a communication campaign, advertising and speeches. It is what is done day to day with customers, collaborators and the market in general.
Restoring reputation is a slow and costly process (it is not always successful), so it is best to start taking care of it now, which is why it is advisable to periodically conduct a study to determine the level of reputation of your company. This includes:
Ask your customers about how they perceive your company, its facilities, products and services, advertising and communications.
How do they compare you to the competition in terms of price, quality, products and services, added value and personalization of your offer? Let them mention what their experiences have been when interacting with the company.
Conduct a work environment survey of your employees that questions leadership, quality of life, treatment received, growth opportunities, job satisfaction, communication processes, etc.
Additionally, it collects the comments that collaborators have received from clients.
Remember that employees are the first to detect any reputation crisis , due to the direct contact they have with customers. They are the main ambassadors of your company.
Explore the strategies and investments of leading competitors.
What are they offering and how do they do it?
What are your internal processes and levels of satisfaction of your customers and collaborators?
Find out what their best business practices are, copy them and improve them.
With this information you will be able to correct many errors and design new strategies to maintain or regain trust and image in the market.