Setting tangible, timebound and measurable targets to grow and manage your company's reputation is vital to thriving in a challenging economy. Here are three important considerations when setting targets that will take your company's reputation to new heights in 2020:
1. Purpose and profit
While healthy cash flow and profitability is key for any business, it is just
as important to leave a positive influence on the people and environment around it. We are living in a day and age where consumers are not just concerned about the value of the product or service, but also about the value that a business has within society.
Our market research has found that the younger generations — specifically millennials and Generation Z — want to be connected with a purpose, and therefore will favour brands and companies that have a positive impact in society or on the environment.
Human capital is one of the most important tangible assets that an organisation can have. Your company's employees are your core brand ambassadors and play a crucial role to foster your business' reputation.
Their engagement with external stakeholders should leave an impression that represents your company's values and the team's credibility. It is largely up to your employees to instil a high level of confidence with your stakeholders so that they trust that they are associated with the right brand.
3. Measure and manage
You want your stakeholders to have confidence in your team, and to feel proud to be associated with your brand through social or environmental purpose. This can be done through reputation research or our newly launched mentorship programme.
Once you establish a baseline score for business elements that contribute to your reputation, you are able to measure improvement over time, especially after implementing a plan to improve your reputation.
Reputation Matters aims to use its proprietary reputation research tool to measure reputation and put percentages to each business element. The brand has extended its reputation management scope with its new reputation mentorship programme, which has been designed to provide ongoing reputation management support for companies wanting to be armed with the tools to manage their reputations.
For more information, visit www.reputationmatters.co.za
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