I have seen BENEFITS FOR KEEPING REPUTED / HIGH FACE VALUE ‘UNIT HEAD’ during my 40 years of career in textiles.
Employee, Customers & Share Holders can believe on only Reputed / High Face Value, Unit Head ( not necessarily young ) regarding-
1. Smooth Working of Organisation because employees used to listen & follow the instructions of their reputed Unit Head.
2. Technical Staff used to become responsible when they know about Reputation/face value of Unit Head.
3. Customers believe in quality & quality consistency due to Reputed Unit Head.
4. Raw Material Suppliers used to become more conscious regarding the quality of Raw Material before dispatching to the unit, having Reputed Unit Head.
5. General Store Purchaser will not try to get substandard machine spares if he knows about the Good Reputation of the Unit Head.
6. Packing Material Suppliers always remember the Unit Head of the unit when supply Packing Material.
7. Security department can not be irresponsible if they know their Unit Head is a Reputed Unit Head.
8. Quality of products used to improve.
9. Productivity used to improve.
10. Ultimately Profitability increased.
11. Reliability of organization increased among financiers/ Banks & Share Holders.
THIS IS ONLY THE REASON FOR KEEPING REPUTED / High Face Value TEXTILE TECHNICIANS AS DIRECTOR / CONSULTANT after their retirement till they want to do work for Organization.
Your reputation is the single most important aspect of your business. It affects everything from the number of followers on social media to your overall business revenue. Here are just a few other benefits of a good reputation:
- More business opportunities
- A better selection of prospective employees
- Higher company value
- Lower marketing costs
People want to make the best choice, and they base their selection on the person or company whose reputation seems to be superior. Whether applying for a job or attracting business opportunities, a good reputation affects your bottom line.
This article will cover:
- Reality vs. perception
- Curating sentiment
- Benefits of a good reputation
- Factors that contribute to a good reputation
- What online channels affect how a company is perceived?
- How can I build my business reputation?
- Who maintains a corporation’s reputation?
Reality vs. perception
One of the many aspects of reputation deals with how others perceive you. This can be summarized as your overall character, or how you actually are combined with your reputation, which is how others think you are.
One is objective, the other subjective. The character of a person is different than his or her reputation, and this holds true for brands as well.
When people trust you or your brand, they are more likely to recommend you to friends, repeat business with you, and can even forgive mishaps or scandals.
91% of consumers trust online reviews as much as personal recommendations
The rewards of having a good online reputation are greater revenues, better relationships, and more opportunities. Consumers care about a company’s reputation and purchasers’ reviews.
Reviews are so important, in fact, that businesses can’t survive in 2020 without them. We all do it. We read reviews. We use reviews to choose which stores to shop at, where to eat breakfast, which apps to download, or even which doctor to visit. Reviews are quickly outpacing word-of-mouth recommendations. A recent survey found that 91% of consumers trust online reviews as much as personal recommendations.
What online channels affect how a company is perceived?
What you can control
Your online reputation involves your company website, business blog, and your engagement with social media. These things you control, but the rest you generally do not.
What you can’t
Consumer’s social media channels, websites, and blogs have an impact as do review sites, videos, and more. Taking control of, or at least influencing these media channels can reset the board for a company.
What people think of your company does not only involve the way in which your customers and target audience feel about your brand. It is also essential to be concerned about a broader sphere that includes your employees, community members, competitors, and others.
Your trade name impacts the way in which your target group interacts with your company, however, the reputation associated with your business impacts the way in which all your encompassing network interacts with your company.
How can I build my business reputation?
You can implement strategies and activities which develop an accurate and positive perspective of your company among third parties. Remember that the reputation of your company extends far beyond the portion of your brand, services, and products you control.
Influencing the influencers
This is where relationships with influencers in your industry are a big help. The better your reputation becomes, the better it tends to continue to grow. But the inverse is also true. The broken window theory applies to reputation as well. When a company has a damaged reputation it can become easy for it to snowball downhill becoming exponentially worse.
How can I monitor my business reputation?
You can use reputation monitoring systems like Talkwalker, Google Alerts, SEMRush, and others. Unlike building your company’s reputation which centers on the things you want people to write and think about your company, reputation monitoring is concerned with what individuals are saying about it.
Keeping tabs on your reputation concerns maintaining a close watch on the platforms that consumers use to engage with other people about your company, and the platforms that they use to engage with your company. This will enable you to make adjustments so that you can maintain an excellent and accurate image of your company and what you offer.
What does reputation involve?
According to the Davies and Miles corporate reputation review entitled, Reputation Management: Theory versus Practice, reputation in terms of business, involves three things:
- How others see the business
- Who the business really is
- What the business communicates about itself
Managing a business reputation necessitates the alignment of these three elements. When just one of these is out of balance, the company’s entire reputation can come crashing down.
- Visual cues: name, logo, and all of the imagery related to your company or brand.
- Mission, vision, or philosophy: these elements are the guiding light of a company’s internal culture, and generate a ripple effect when it comes to corporate reputation.
- The behavior of members within the organization: what people are saying or writing. Articles, word of mouth, news, social media, and online reviews.
- The success of the business: for example, a spot on the Fortune 500 list will contribute to a positive reputation.
Who maintains a corporation’s reputation?
The simple answer, everyone.
Clearly, corporate reputation is a complicated machine. So who is in charge of maintaining it?
According to a 2005 study by Rosa Chun, senior lecturer at Manchester Business School, it is unusual to find an internal reputation management department that is directly responsible for managing corporate reputations. Instead, it is often a shared effort, with marketing and communications handling the external perceptions, and human resources managing the internal culture. In addition to this, many companies which understand the priceless value of their reputation, outsource their reputation management to firms that specialize in this field.
Creating, curating and maintaining a positive reputation for a corporation is no easy task, but one of the most important facets in terms of human psychology is to be consistent. Research by Roger Martin of the Rotman School of Management has shown that a customer’s loyalty to a company or brand, relies more on familiarity than true, organic “trust.”
Customers love to do what feels comfortable, therefore, companies which are too quick to change their identity in face of a PR disaster may be more likely to lose customers in the long run.
A better approach is often a slow and steady strategy that is focused on rebuilding trust through multiple channels.
The need to curate a positive reputation
The digital era has invited a whole new way of showing companies and brands to the world, but it is one that is rife with complications. In many cases, a company’s reputation is its most important asset, and to that end, it is in its best interests to make it the best it can be. For example, Coca-Cola’s brand reputation contributes in a large part to its more than 100 billion valuations.
What’s your reputation worth?
- More business opportunities.
- Lower marketing costs.
- Attracts loyal supporters.
- More customers and sales.
- Distinguishes you from competitors.
- Promotes good relationships with clients.
- Greater revenues.
- Cost-free advertising.
Market research identifies over half a million brands in existence throughout the world. With the same research identifying more than 2,000 different product categories, it is clear that competition is fierce.
How do you get your business to stand out from the crowd?
One of the best ways is by building a good reputation.
But why is reputation important and how does it benefit your business? Keep reading to find out!
Businesses that have a good reputation may not need to market and advertise their companies as much as other companies as supporters of their business will often advertise for them through word of mouth. This allows them to improve on their profit by spending less on growing their public image.
A business with a good online business reputation may not have to defend itself from competitors as much as many businesses may simply decide to stay out of a business industry where there already exists such a well-established and regarded leader. Some competitors may be scared away and provide more opportunities for the company itself.
A company with a good reputation may be able to steer clear of lawsuits as plaintiffs may indicate that the public reputation of the business may harm the chances of the plaintiff in the case. This can potentially reduce the legal costs of the business and can avoid those legal contingencies that can potentially be so threatening to a company.
Finally, a company with a good online reputation will get more positive press for their products which can be helpful for establishing the company in the public graces and providing free press for product launches and other major company events. This can result in more public acclaim in a sort of self-fulfilling prophecy that drives the business towards more and more success.
Overall all of these factors may not be as important as the higher revenues and better profit margins noted above but represent other noted advantages to a positive online reputation that are worth noting and worth pursuing a business.
Ultimately the success of your company is improved by a good online reputation and it is surely worth the added resources to incubate this good reputation in your industry.