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Real world communications on a reputation framework
 

Real world communications on a reputation framework

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Keynote presentation 'Real world communications on a reputation framework' by Anuradha Altekar at Conference Asia Corporate Communications and Reputation India 2012, Mumbai, 23-24 August 2012. Heads ...

Keynote presentation 'Real world communications on a reputation framework' by Anuradha Altekar at Conference Asia Corporate Communications and Reputation India 2012, Mumbai, 23-24 August 2012. Heads and managers of corporate communications, public affairs, social media, brand and reputation, and marcom from retail, BFSI, telecom, auto, steel, oil, and cement companies, among others, attended the conference.

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  • Branding affects the likelihood of a favourable purchase decision by customers. Reputation affects the likelihood of supportive behaviour from all of the brand’s stakeholders. That makes brand a subset of reputation.Brand is like a Post-it note; reputation is like a sticker. “Years to build, destroyed in a minute.” Warren Buffet. It takes courage to build a reputation and comes with a humungous responsibility.Branding is engineered, reputations are earned.
  • If you have to do this in-house. We take 10 reputation traits and assess how the company scores on them vis-à-vis its peers

Real world communications on a reputation framework Real world communications on a reputation framework Presentation Transcript

  • Real world communicationson a reputation frameworkNavigating the minefield ofAnuradha Altekar, UbiquusConference Asia Corporate Communications and Reputation India 201223-24 August 2012
  • Visited a surgeon lately…?Real world communications on a reputation framework
  • Whom would you prefer to engage with as an employee, customer, partner, or plain citizen?Real world communications on a reputation framework
  • Or ?Real world communications on a reputation framework
  • Or ?Real world communications on a reputation framework
  • Or ?Real world communications on a reputation framework
  • Or ?Real world communications on a reputation framework
  • Whats common among your preferences? Credibility Trust Responsibility ReliabilityReal world communications on a reputation framework
  • Making of a reputation Customers expect reliability Investors and suppliers demand credibility Employees expect trustworthiness Communities expect responsibility Reputation (1996) Charles J FombrunReal world communications on a reputation framework
  • Reputation creates value Employees Makes jobs more attractive, motivation Customers Encourages repeat purchases, builds market share Investors Lowers cost of capital and attracts new investments Media Favourable press coverage Financial analysts Affects content of coverage and recommendations Fame & Fortune (2004) Charles J Fombrun and Cees BM Van RielReal world communications on a reputation framework
  • Navigating the minefieldReal world communications on a reputation framework
  • Identity set of values, principles, and behaviors that employees and managers associate psychologically and visually with the companyReal world communications on a reputation framework
  • Brand AND branding BRAND set of associations that customers have with the company’s products and services. BRANDING adds a higher level of meaning to a product or service, thereby increasing its value to customers. Real world communications on a reputation framework
  • Perception/Image visual and psychological impressions that a stakeholder audience forms when we interact with them or show our corporate identity to them.Real world communications on a reputation framework
  • Reputation = ∑ [perceptions of each audience] over timeReal world communications on a reputation framework
  • Brand reputation BRAND REPUTATION Describes the set of Involves the assessments that associations that customers multiple stakeholders make have with the company’s about the company’s ability to products fulfill their expectations BRANDING REPUTATION BUILDING Promising Delivery Inside out Outside in Saying Doing Impactful, high-decibel, short- Sober, restrained, long lasting livedReal world communications on a reputation framework
  • Weak brand, strong reputation Possible… Strong brand, weak reputationReal world communications on a reputation framework
  • The Tatas have always had a good ‘reputation’ though not necessarily a ‘brand’.Real world communications on a reputation framework
  • Connecting the dots…Real world communications on a reputation framework
  • Corporate identity Names Self-presentations Customer Community Investor Employee image image image image∑ Corporate reputationReal world communications on a reputation framework
  • In plain words Term Question Identity Who are you? Corporate brand Who do you say you are and want to be? Image What do stakeholders think of who you are and who you tell them you are? Reputation What do all the stakeholders think of who you tell them you are and what have you done?Real world communications on a reputation framework
  • Real world communications on a reputation framework
  • NO “No, it cannot—global result of a firms behaviour “ (David Finn, Doug Newsom US PR academics) Like managing someones popularity. YES “Yes, it can and must—losing reputation is a far greater sin for an organisation than losing money” (Warren Buffet) “Reputations are built in a planned manner by organisations” (Fombrun)Real world communications on a reputation framework
  • Some measures Intangibles—reputation capital, goodwill, brand value, brand equity Reputation indexes Fortunes Global Most Admired Companies Brand Finance FTSE4 Indices Dow Jones Sustainability Index FT Most Respected Companies BW Most Admired Companies Reputation Institutes Reputation Quotient (RQ) 7-point scale to assess 20 attributes across 6 dimensions: emotional appeal, products & services, financial performance, vision & leadership, workplace environment, social responsibility Reputation audit/perception gap analysisReal world communications on a reputation framework
  • How reputed are you? o Identity analysis Diagnosing the Step 1 …….. current state o Image analysis o Coherence analysis Designing the o Strategic analysis Step 2 …….. future state o Peer analysis—business/corporate Managing the o Task force involvement Step 3 …….. transition o Information campaignReal world communications on a reputation framework
  • Whos minding the shop? Silos inside Enter CRO New organization structure The downside Why us?Real world communications on a reputation framework
  • Communications is the keyReal world communications on a reputation framework
  • Reputation killers Numbers game obfuscation, fudging “No comment”! evasive Company silos dissonant, confused Denial or silence closed, unresponsive, unempathetic Selective disclosures favouritism, unfair advantage Non-disclosure unfair, unlawful Cherry picking unfocussed, inconsistent “Matter is sub-judice” evasiveReal world communications on a reputation framework
  • Key takeaways Reputations create value Key attributes—credibility, trust, responsibility, reliability Brand, identity, perception, image different from reputation Brand vs reputation—keep them separate Reputations have to be built What you say or don’t—keep reputation in mind Track record of delivery on promise Analysis and metrics game—don’t get bogged down Entrust your reputation to an entity that is credible responsible, trustworthy, and reliable.Real world communications on a reputation framework
  • Resources Fame & Fortune Charles J Fombrun, Cees BM Van Riel Reputation: Realizing Value from the Corporate Image Charles J Fombrun Don’t confuse reputation with brand Richard Ettenson and Jonathan Knowles, MIT Sloan Management Review Allaboutbranding.com Alan Bergstrom Brand vs Corporate Reputation ReputationXchange.comReal world communications on a reputation framework
  • SynopsisThis keynote presentation as a speaker at ConferenceAsia focused on connectingtheory with practice and reality in corporate communications and reputation buildingby sifting through the chaos of words--brand, image, identity, perception,reputation--and make them work for practitioners.The panel of speakers included the c suite of corporate communications, marcom, and PR,from prominent companies including P&G, Fidelity Worldwide, ebay India, IndianCommodity Exchange, Bank of America, Madison PR, Hinduja Group, and others.Participants included heads and senior managers of communications and marcom fromnoted companies: Aditya Birla Group, Marks & Spencer, BG, Axis Bank, Reliance, UTIMutual Fund, LIC, and Shapoorji Pallonji.