2.Uluslararası İtibar Yönetimi Konferansı - Focus on Reputation: The Power of Rumours / Lolita STASANE
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  • 1. Focus on Reputation: The Power of Rumours Lolita STASANE 2.Uluslararası İtibar Yönetimi Konferansı 3-4 Ekim 2013, İstanbul
  • 2. Focus on Reputation: The Power of Rumours Lolita Stašāne, University of Latvia The 2nd International Reputation Management Conference 4.10.2013
  • 3. What is reputation? • Company’s reputation is company’s past action’s and future’s projects detected description • Reputation describes company’s the general attraction comparison with other competitive companies • Reputation contains countless concerned stake holders evaluations relation to company’s ability to fill their expectations • For large companies reputation provides unbroken competitiveness. For little and new companies – base on who to form business. Reputation is a significant, because it is both valuable and woundable. /Charles J.Fombrun/
  • 4. Threats • Threats to reputation – whether real or perceived – can destroy, literally in hours or days, an image or brand developed and invested in over decades. These threats need to be anticipated, understood and planned for. • Public perception of risk has become a constant and recurring threat to reputation. Understanding and communicating effectively around risk perception can help to reduce conflict and gain support and trust – critical attributes in securing and maintaining customer, investor and employee loyalty. Michael Regester & Judy Larkin
  • 5. Crisis communication • Successful management of a crisis situation is about recognizing you have one, taking the appropriate actions to remedy the situation, being seen to take them and being heard to say the right things. • Companies often misclassify a problem, focusing on the technical aspects and ignoring issues of perception. But perception is the reality. Michael Regester & Judy Larkin
  • 6. Number of dilemmas • Risk means different things to different people. • Basic attitudes are hard to change. • The public is not looking for zero risk. • The source of information about risk is critical (Iwhom to trust on what). • Emotion is the most powerful influencer of all. Michael Regester & Judy Larkin
  • 7. Country’s trust
  • 8. Trust in banks
  • 9. Credibility of spokespersons
  • 10. Rumours • Webster gives a deffinition of rumor which is professionally acceptable and workable: a story or report current within any known authority for its truth. • Ralph Rosnow defines rumor as „ a proposition that is unverified and in general circulation”. • Being unverified is not the same as being untrue. A rumor may turn out to be „ true” , but until it is verified it is subject to the dynamics of rumor. Much of the work on rumor assumes that the communication is interpersonal and by word of mouth, but this is not necessarily.
  • 11. Issue lifecycle Hainsworth and Meng
  • 12. Latvijas Krajbanka – a month before November 16, 2011 • Lithuania's central bank on Wednesday afternoon to suspend "Snoras" bank activities and cancel its board. "Snoras" was one of the "Latvijas Krajbanka" shareholders... • “Krajbanka": Nothing special has happened
  • 13. November 23, 2011 http://www.latgaleslaiks.lv/lv/2011/11/25/51046
  • 14. Until begining of december • Very active internal communication, Q&A, support for branches, clients meetings etc. • Clients e-magazines, e-letters • Social media • Special materials for employees • Business results – most of clients choose Swedbank as “the new bank” after Krājbanka (~30 000 new clients in 2 weeks)
  • 15. • Everythings seems fine, BUT...
  • 16. December 2011 • Crash of Snoras and Krājbanka, • Mess around EU and eurozone  background for anxiety and fears • Credibility of the “officials” is extremely low (14% believe, 86% do not believe what officials say the financial system. Reason – catastrophic communication in Krājbanka case)
  • 17. During the second week of December some individuals start to express concern about the stability of the Swedbank On the weekend unreasonable rumors about Swedbank stability are distributed There are no certain facts in the rumors, no reference to an author Many different unfounded opinions are circulating
  • 18. First tweets • Can you guarantee that your bank is safe and can be relied on it? • Who can give me garantees about stability of banks in Latvia? etc.
  • 19. December 11 (Sunday) • Social media, sms, calls • Activity – 6-7x • Filling ATM’s, web page • Media relations
  • 20. It can’t be true...
  • 21. Twitter mentions (Swedbank account) by hours
  • 22.
  • 23. Monday, Dec 12 • Branches were opened earlier • Activity 2-3x • Monday evening, Tuesday midday – back to usual
  • 24. Tuesday, Dec 13
  • 25. Some conclusions • Short term: - more close cooperation with state sector (FSA, State Bank, government, police) - employees as “ambassadors” • Long term: - Financial literacy
  • 26. Follower growth on Twitter
  • 27. Special web page was made to research “anatomy of rumours”
  • 28. Results • Crisis prevented in 2 days. • Only 6-10% of clients moved money (150 million euro withdrawal >average). Most of money returned in coming weeks, after 6 months amount of deposits increased by ~120 million euro. • Gold category at Sustainability Index, 2nd place on Reputation Top, 3rd place in Most Loved Brand 2012
  • 29. Minds are like parachutes; they work best when open. Lord Thomas Dewer
  • 30. Thank you! lolita.stasane@lu.lv