annabel wren
Post on 29-May-2015
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Reputation Management in
a Crisis
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If you lose dollars for the
fi rm I will be understanding. If you lose reputation for the fi rm, I
will be ruthless.
Warren Buff ett
What is corporate
reputation?O U R D E F I N I T I O N
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Corporate reputation is the sum of
opinions about and attitude towards an
organisation.
Reputation is a result of behaviour and
may vary depending on the experience
and perceptions of the organisation’s
various stakeholders.
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Generate and maintain investor confidence
Provide a platform for innovation
Build stakeholder trust and advocacy
Protect equity values in times of crisis
Enhancing competitive position
strong corporate reputations are powerful strategic assetsWHY DOES REPUTATION MATTER?
Attract and retain top talent
What role does reputation play when things go
wrong for companies?
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Justin King, CEO Sainsbury’s
It’s astonishing how a robust reputation will be resilient against
fact
Source: CityAm 2014
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Source: lexisnexis
Source: Health impact news
REPUTATIONAL CRISES
Expert advice for managing
reputation in a crisis
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1. Inform key stakeholders before the media does
2. Be internally prepared to engage through new information channels
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#o2outage
Customer (@gay_platform): "@O2 We're still waiting for that apology..or maybe they texted me and I can't see the message because my phone DIDN'T WORK"O2 response: "@gay_platform Firstly, here are our deepest apologies. Network should be back up and running for you. How's your service?"
Customer (@24vend_Ltd): "@O2 had to travel to Italy to get signal -- desperate times!!!"O2 response: "You can come back now. We're back in business :)" @Carole29 tweeted As much as I really don't like @O2 you really have to give whoever handles their twitter, massive credit lol.O2 response Thank you for the massive credit! We'll hang it on the massive credit wall.
Nothing good happens
without trust. With it you can overcome all sorts of obstacles. You can build companies that everyone
can be proud of.
Jim Burke, CEO J&J (1976-1989)
3. Act quickly and communicate frequently
4. Take the lead and make widespread industry changes
Source: World’s Most Admired Companies by Fortune Magazine
Fortune ranking: World’s Most Admired Companies
2014
2013
2012
2011
26th
24th
18th
13th
5. Measurement for effective management
Global consulting company’s sponsorship of international sportsman
Bribery within Pharmaceutical industry
Long term tracking for when a crisis hits
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#5 Measurement for effective management
#2 Be internally prepared to engage through new information channels
#1 Inform key stakeholders before the media does
#3 Act quickly and communicate frequently#4 Take the lead and make widespread industry changes
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But even with bad crisis
management…all is not lost
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BUILDING
Diagnoseand define reputation objectives
SUSTAINING
Monitor and manage
current position
MANAGING CHANGE
Change management
and protection planning
RECOVERING
Review, redefine
and restore reputations
RESEARCH AT EVERY STAGE FOR A STRONG REPUTATION
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When written in Chinese,
the word 'crisis' is composed of two
characters. One represents danger and the other
represents opportunity.
J F Kennedy
Reputation Management in
a Crisis
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