Why A Good Corporate Reputation Is Important To Your Organization

By Author: Akansh Malik
Total Articles: 67
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A corporate reputation is an overall estimation in which an organization is held by its internal and external stakeholders based on its actions in the past and the probability of its future. Each organization may possess a different reputation with each stakeholder according to their experience in dealing with them. While many organizations do not prioritize building good corporate reputations, there also exist some, who consider a good corporate reputation a great advantage to their business. A good corporate reputation with stakeholders, customers, leaders, and suppliers, increases the corporate worth and helps gain its business objectives easily.

Corporate reputation management strategies play a very important role in achieving the targeted business objectives as corporate reputation by itself, is a complex concept which changes with time and the services provided. It is here that the reputation management strategies ...
... come into be used. According to surveys, corporate reputation also plays an important role in the career of the CEO of an organization. As a part of the performance evaluation process for the chief executive, there have been growing trends for the board of directors to measure changes in their organization’s reputation. The other business influentials comprise of CEO’s, senior business executives, financial analysts, institutional investors, government officials and the media.

There are ten main components of corporate reputation that are used in reputation management strategies. They are:

1. Ethical: The organization behaves in an ethical manner gaining respect and trust from consumers, clients, and stakeholders.

2. Employees and Workplace: The organization has very talented employees and treats them well. This makes the workplace an environment worth working in.

3. Financial Performance: The organization is financially stable and has built a strong record of the profits in the past and has numerous growth opportunities in the future.

4. Leadership: The most innovative aspect of an organization is having an influential leader and not a follower.

5. Management: The organization has high-quality management facilities and manages itself well.

6. Social Responsibility: The organization supports good causes and recognizes social responsibilities.

7. Customer Focus: The organization is committed to its customers and strongly cares about them.

8. Quality: The organization offers high-quality products and services, keeping in mind the reputation of the business.

9. Reliability: The organization provides customer service for all its products and services.

10. Emotional Appeal: Feeling good about the organization and having a positive appeal towards it, builds trust and satisfaction with the organization.

These ten reputation management strategies help and support one’s business, to grow and maintain a good corporate reputation in the industry. This, in turn, not only flourishes your business but also helps build relationships with your customers and stakeholders, creating a good reputation of your business in the ever-growing industry. Hence, a good corporate reputation is important to your organization.

About the Author
Akansh Malik writes this article to bring forth the importance of corporate reputation and the management strategies that are used to maintain relationships with stakeholders, consumers, and clients. He believes in reputation management strategies that help in managing the corporate reputation of a brand.