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Reputation management
Businesses are fast beginning to recognise just how important their reputation is. Reputation can be a fickle master though. It takes years to nurture, build and establish, but it can all be lost in a day. So what is reputation in today’s corporate world?
It is in essence what a company represents. What it stands for, its position, its values and how those are perceived by the communities it is trying to influence or sell to. Reputation has to be earned; it is not something that can be instantly acquired – even through merger or takeover
Why is it so important then?
Reputation at first glance might seem intangible, even ethereal but it does in fact have a hard currency impact on a business. For example it can seriously effect the value of a business through negatively impacting the share price. Witness companies affected by insurance miss selling and rail tragedies. It can also adversely impinge on revenues as the result of conscious consumer purchasing pattern changes, as recently seen impacting certain fast food and petro-chemical companies.
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