Reputation is never stagnant (it’s one of the reasons RepTrak constantly monitors reputation in near real time). It’s not enough to understand where your reputation is at this moment, you must prepare it for the future.
Stakeholder priorities shift over time. So we turned to our Sr. Director of Advisory Services, Elif Güvençer to discuss key trends she sees impacting reputation:
“One of the key areas that need to be on companies’ radar in 2022 is talent attraction and retention,” says Elif. “It is safe to say we are experiencing the tightest job market in generations. ‘The Great Resignation’ shows that employer branding is more important than ever and now comes with further intricacies. A good example is how companies are approaching flexible and remote working. While this is a key benefit attracting talent especially in the pandemic times, if not implemented correctly, it might turn into the very reason causing talent to leave. While looking to meet the new requirements of the ‘remote’ era, it is important for companies to develop creative and effective ways to foster company culture and strike the right balance between physical and virtual engagement to retain their internal clients; colleagues.”
Rising Consumer Expectations
“Another important topic is value for money,” continues Elif. “On the backdrop of the pandemic-related challenges of inflation and rise of the cost of living, consumers have higher expectations and are more mindful and diligent towards what they choose to spend money on. To meet these expectations, it is essential for companies to capitalize on the value-creation side of the equation. Value-creation is two-fold. The literal meaning is the value driven by high quality products and services that meet customers’ needs. The broader meaning became even more important in the last two years: the value toward society and environment.”
The Value and Demand on ESG
“Being a good corporate citizen established itself as a key driver of purchasing decision and corporate reputation,” states Elif. “There too is a delicate balance to strike. Companies must pay attention to their entire stakeholder ecosystem and navigate through competing needs. Environment is an aspect where this complexity becomes very prominent. While progressing on long-term sustainability goals, it is important to keep in mind the financial value and affordability expectations of consumers in the face of inflation and rising costs, to maintain social license to operate in the market.
”These trends align with RepTrak data: 66% of the general public is willing to work for a company with an excellent Reputation Score. Meanwhile, 36% of the public have felt “betrayed by what a company stands for,” and 47% have stopped doing business with a company as a result. Nearly two-thirds (63%) of global consumers prefer to buy goods and services from companies that “stand for a purpose that reflects their values and beliefs” and will avoid those that do not.
Go Forth, Reputation Leader
Whew. That was a lot of information. But don’t be discouraged or overwhelmed. Reputation is manageable and this guide was a great place to start. Reputation naturally ebbs and flows, continuously audit and nurture your reputation using these handy insights. Reputation is earned — positive, negative, and neutral. And will serve as a direct result of your efforts.
Turn inward with honesty, listen to your audience, communicate your progress, and monitor results.
Your Reputation To-Do List
Consider, prioritize, and communicate efforts related to the 7 Drivers of Reputation
Take a cross departamental approach to reputation
Reflect on your brand persona and expressiveness, and be honest
COMMUNICATE REGULARLY the wins and the shortcomings
Gather and analyse reputation data wherever you can
Elect reputation leaders to share and advocate for this data
Prepare for future trends and demands on reputation
Consider a tool like Reptrak to monitor, track, and inform reputation management strategy
How Reptrak can help
RepTrak tracks reputation in near real time, meticulously monitoring your Reputation Drivers, ESG, brand, and Media interactions and how your efforts and communication impact your broader reputation.