Reputation

how-much-is-reputation-worth

As markets become more competitive and transparency increases, reputation becomes more critical in defining your ‘brand’. People - society, business partners, customers, employees - are forming opinions more rapidy and with greater urgency and this can have a fundamental impact on the business.

In its basic form, reputation is a level of trust. if your business or entity has built a good reputation, it is likely that those with whom you deal will have a positive ‘feel good’ factor about you and trust you. Talent acquisition becomes easier as new recruits from graduates to seasoned professionals will flock to your door for a job and even retaining star employees will be that much easier.

Just as important to note is a poor reputation in the market, where the opposite applies and customers, employees and society abandons the business.

Reputation is about “getting a seat at the table”. It’s about forcing the issue in your favour:

• A new potential customer will invite you in to brief you on a pitch, because "she’s heard good things about you” and your inclusion would add value

• An industry watchdog actively seeks your opinions on a matter because your contributions in the area are deemed worthy of consideration

• A crisis is averted during a product recall based on your reputation in the market, which has the confidence that you will “make things good” and act fairly and promptly, due to the goodwill you have in the market

Simply put...

Reputation is about “getting a seat at the table”. It’s about forcing the issue in your favour

• An investor - or even an established competitor - takes note of your company’s abilities and regards it as a good bet for future growth

• Star employees will not look to move on to competitors because they trsut the company and what it is aiming to do

• Your high regard in the market allows you to charge a premium for your goods and services because customers believe in you


info@executivematters.com     © Desmond Joseph 2014