In an increasingly competitive market, organisations with a robust reputation can stay one step ahead of their competitors. Reputation is more than just clever communication management; there are various factors that impact a business’ reputation. Regine le Roux, Managing Director at Reputation Matters shares insights into what it takes to take an organisation’s reputation to the next level.
Firstly, why is it important to know what your reputation is, and to improve it? Ultimately it is about improving your business so that you can attract top talent, deliver a unique product or service that people want to invest in and ultimately to grow the business and positively contribute to the economy of a country.
Part of the reputation management process is to build solid relationships with your key stakeholders, which may include employees, clients, investors, government and the media, to name a few. “Each of these stakeholders perceive the business differently and understanding stakeholder concerns can be quite complex. For this reason, reputation research is key for businesses to continuously grow,” says le Roux.
In order for companies to understand their reputations, Reputation Matters has developed a unique measurement tool, the Repudometer®. With this tool, organisations are armed with vital research that allows them to accurately adapt their business and communication strategies to all key stakeholders’ requirements. “With the Repudometer® we are able to scientifically measure and quantify an organisation’s reputation. It allows us to see what is positively or negatively impacting its reputation.
There are five core elements that make up a business’ reputation and it is critical that attention is given to all of them,” mentions le Roux.
These five core elements include:
- Corporate Management – How is the organisation run and managed?
“It is very important that all stakeholders know what the vision and mission of an organisation is and whether it is being upheld. The effectiveness of policies, procedures and leadership is also a key focus area for when measuring an organisation’s reputation,” explains le Roux.
- Corporate Capital – Does the business have the right resources?
“An organisation’s employees play an important part in the success of a business. Any business owner needs to ensure that they have the right people on-board with the right tools to achieve business goals,” reiterates le Roux.
- Corporate Positioning – How is the organisation positioning itself in the industry?
Le Roux indicates that strategic alliances, i.e. who you are partnered with; should be carefully chosen. By association, a partner’s values and reputation will affect your own. Similarly, Corporate Social Investment (CSI) initiatives should not be done merely for the sake of it, and needs to be sustainable and form part of the organisation’s overall strategy.
- Corporate Performance – What is the organisation’s perceived market performance?
“It is common knowledge that business results, such as share price and future viability, influence shareholder perceptions. A business’ products and / or services should also be of a high and competitive standard,” shares le Roux.
- Corporate Dialogue – How do you communicate with your stakeholders?
Le Roux emphasises that communication is the essence of reputation and the glue that binds the other four elements together. Both internal and external communication are imperative to building a strong reputation.
“Any business will know that reputation does matter. Without research, will you know what perceptions your stakeholders have of your organisation, and where to start building your reputation to take it to the next level?” concludes le Roux.
For more information on managing and investing in your reputation, visit www.reputationmatters.co.za or call +27 (0)11 317 3861. Reputation Matters is also on Facebook www.facebook.com/yourreputationmatters and Twitter @ReputationIsKey.
