Reputation makes a measurable difference, as supported by several studies by our research partner Reputation Institute. 83% of all survey participants would buy at a company with an excellent reputation score. If its reputation is “average”, the number of consumers willing to buy drops to 34% and reaches 9% in the case of a poor reputation.
Everyone from the field of reputation management should dig deep into Tony Langham’s “Reputation Management: The Future of Corporate Communications and Public Relations”. This book contains practical recommendations and ideas for reputation management and research.
Tony Langham is a communications pioneer: He is the Chief Executive and co-founder of the internationally renowned PR agency Lansons in London. Farner is affiliated with Lansons through the network Global Communication Partners – Independent Financial Specialists. According to Debrett’s, Tony ranks amongst the 500 most influential British personalities. He conceived of the aforementioned book on behalf of the British PR industry association PRCA.
Tony invited communications experts to contribute to the anthology and to highlight the various aspects of reputation management, e.g. Anthony Horowitz, Paul Holmes, Richard Edelman, Kamal Ahmed, Iain Anderson, Kasper Ulf Nielsen and Hazel Westwood. I also had the opportunity to write a case study in which I present the strategy and measures by virtue of which a pharmaceutical company increased its reputation in Switzerland.
Reputation provides protection in times of crisis
Reputation is a most varied topic and increasingly relevant in communications consulting. Why should companies concern themselves with their reputation? Does reputation management have an added value?
In times of corporate crisis, 54% of their stakeholders give the affected company the benefit of the doubt. However, if the reputation was already poor before the crisis, the number of apologists and advocates drops to 20%.
Reputation is a part of a company’s market value
27% of any company’s market value is owed to its reputation — its external as well as internal expectation management via communicative measures. Reputation management is therefore a meaningful and profitable investment in one’s core business — it fosters and strengthens the requirements for further growth.
What matters most: purpose before profit! Vision, purpose and corporate values determine a company’s reputation. Any company that can bring their purpose to life in all encounters with their target groups and stakeholders distinguishes themselves from their competitors.
You can purchase Tony Langham’s anthology “Reputation Management: The Future of Corporate Communications and Public Relations” here. Excellent summer reading for leaders and communications specialists!