reputationXchange.com » Reputation Institute

Speaking up for reputologists

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

Just read an article in The Economist (which I love) that questions the business of reputation management. The columnist attended a recent meeting in London held by the Reputation Institute (RI) on their new RepTrak results for British companies. The writer rightfully acknowledges that we are living in a "reputation economy" where institutions and individuals literally trade on the currency of reputation and this type of exchange makes "intuitive sense" in a society where Facebook is worth more than many Fortune 100 companies. Reputation Economy is the term used by RI and its professionals, led by Charles Fombrun, and continue to provide valuable, far-reaching insights to companies around the world. The writer, however, raises several interesting objections to the effectiveness of the reputation management industry as it stands today. First, he/she (have no clue) objects to the idea that many different factors as disparate as product quality and corporate citizenship are all rolled up into one understanding of what reputation means. That may be true, but I am not sure why that is bad in such a complex and fragmented world where every individual becomes an interest group. For us reputologists (I just made that up), the factors contributing to corporate reputation vary depending on the company’s history, industry and situation they are facing. For example, in the financial industry, unlike say the automotive industry, it is often difficult to distinguish one company from another by focusing only on their products and services. Their reputations are far more likely to be built on sheer trust in the perceived integrity of their leadership and governance. The columnist’s second objection to reputation management today is the assumption that companies with positive reputations will find it easier to attract customers and withstand crises. As evidence of the supposed weakness of this assumption, the columnist cites many companies with strong bottom lines despite terrible reputations: e.g., tobacco companies (harmful product), Ryanair (poor service) and Daily Mail (mean spirit). Yes, there are always companies that will make gobs of money despite wrong-doing and poor service. Nevertheless, these companies have and will continue to have a hard time attracting and retaining the best talent. But in this online world where advocates and fans matter more than ever, it will be harder to keep that bottom line as stable as it once was. But the greatest objection to the reputation industry, according to the columnist, is and I quote… "its central conceit: that the way to deal with potential threats to your reputation is to work harder at managing your reputation.” He/she continues with… “The opposite is more likely: the best strategy may be to think less about managing your reputation and concentrate more on producing the best products and services you can." Here I agree at least in part with the columnist’s thinking. The best way to build reputation is to “have a customer” as Peter Drucker always said. Without customers, there is no business to have a reputation worth building. The reputation industry, however, does not urge industries to ignore producing the best products and services in favor of managing reputation. To the contrary, building the best products and services is part and parcel of a good reputation. Also, however, today’s society is much more complicated and often it behooves a corporation to do more than just having great products and services. Apple, for example, may have the best products but if it does not give a damn about how it treats employees or contributes to society, it will face problems that if allowed to accumulate may well threaten its bottom line. We see that now with regard to questions about their handling of factories in China. I think that the columnist should rename the article to Why companies should worry MORE about their reputations or else.

Who they are, not only what they make

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

Reputation Institute came out this week with their RepTrak Pulse survey for the US. It measures the reputation of 150 largest US public companies among consumers. In addition to the usual who's up and who's down, RI reveals some interesting stats that confirm our research results on Companies Behind the Brand. I was delighted. As RI says in its press release, "Since 2009, U.S. companies have been competing in a new Reputation Economy, where WHO THEY ARE matters even more than WHAT THEY PRODUCE, according to general public sentiment. Framing this in the context of critical consumer behaviors, including purchase consideration, loyalty and recommendation–company or “enterprise” perceptions explain 60% of these behaviors, with product perceptions only accounting for 40%." This is a big shift which we agree with. In addition, RI asked Chief Reputation Officers (CEO, CMO and CCO) several questions and learned that 51% name the CEO as the person with the responsibility to set reputation strategy. Fascinating results.

Most Reputable Companies

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

America's Most Reputable Companies list is out from Reputation Institute. Just saw an article in PRWeek. And read the RI press release for more detail. The list also appears in Forbes. In addition to reading about the various companies that made the best and least best (polite way of saying it) reputation list, several interesting facts came out that immediately drew my attention. They are below.

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

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Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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Reputation Ranking Mania

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

Who they are, not only what they make

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

Most Reputable Companies

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

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Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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Reputation Ranking Mania

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

reputationXchange.com » Reputation Institute

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

Who they are, not only what they make

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

Most Reputable Companies

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

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Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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Reputation Ranking Mania

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

reputationXchange.com » Reputation Institute

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

Who they are, not only what they make

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

Most Reputable Companies

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

Buy Naproxen Without Prescription

Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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Reputation Ranking Mania

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

reputationXchange.com » Reputation Institute

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

Who they are, not only what they make

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

Most Reputable Companies

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

Buy Naproxen Without Prescription

Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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Reputation Ranking Mania

Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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reputationXchange.com » Reputation Institute

Dr. Leslie Gaines-Ross — Mon, 23 Apr 2012 18:12:56 +0000

Who they are, not only what they make

Dr. Leslie Gaines-Ross — Thu, 05 Apr 2012 20:42:23 +0000

Most Reputable Companies

Dr. Leslie Gaines-Ross — Tue, 05 Apr 2011 18:45:55 +0000

The survey found companies with excellent reputations were 2.5 times more likely to put their CEO in charge of positioning and telling the corporate story. This is music to my ears. Today, CEOs are the content providers of the highest order. Great to have another source say this besides us.
Highly-regarded companies are 15 times more likely to manage reputation across company functions. Reputation is of enterprise importance and not just a PR issue. Good point.
Highly-regarded companies were 1.5 times more likely to include reputation metrics as part of their senior management dashboard, and 1.7 times more likely to seek outside assistance with corporate reputation management.

I was very pleased to see RI asking these questions which only add to the reputation library of information. Thanks to the RI team!

Buy Naproxen Without Prescription

Dr. Leslie Gaines-Ross — Sun, 01 Nov 2009 18:42:57 +0000

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Reputation Ranking Mania

Dr. Leslie Gaines-Ross — Sat, 02 May 2009 19:20:28 +0000

Over the past few weeks, there have been several reputation rankings released. I am stunned by the proliferation of rankings on reputation. It is getting harder to keep track of whose ranking is whose and what’s behind the numbers. Whereas there used to only be one or two major reputation rankings, today there are scores. We (my team at Weber Shandwick) knows because we keep track of them every day in our database called Scoreboxx. We must have over 700 primetime corporate rankings that companies can compete on and receive recognition. These rankings fall into broad categories such as corporate responsibility, workplace, diversity, leadership, etc. Years ago, a company only had to worry about Fortune’s Most Admired Companies survey. Now you have to be on the alert for lists that give you a thumbs up or thumbs down.

In the past few weeks, we have seen the release of Harris Interactive’s Reputation Quotient, Reputation Institute’s Pulse Survey and Millward Brown’s Global Brands (BrandZ). All good and “reputable” lists. However, they are all coming out at about the same time and comingling in people’s minds. Years ago when I was at Fortune, we conducted a landmark survey about business readership of business magazines. A few years later, Forbes conducted their own readership survey of business magazines with a twist that confused the marketplace. The two surveys were similar but because many people still confused Fortune and Forbes, Fortune’s competitive advantage was weakened.

My reputation advocate friend Joy Sever is right when she says that all these lists are diluting one another because most people do not understand the differences between them and how the data are gathered. She was right to also say that pretty soon it will all be about the reputation of the reputation rankings. It seems like that has already begun.

The most important way to measure reputation is to take these reputation rankings into account but focus primarily on your own customized research that drills down into your most important stakeholders’ perceptions and most critical reputation dimensions. By tracking your own company reputation vs. competitors over time, reputation-building has its best shot.