FIR #468: New Threats to Reputation

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2M ago 24:42

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While a company's reputation doesn't appear as a line item on a profit and loss statement or a balance sheet, it is nevertheless a critical intangible asset that significantly influences financial performance and long-term success. A strong positive reputation fosters trust among consumers and B2B customers, leading to increased customer loyalty, premium pricing power, and greater resilience in times of crisis. It also makes the company more attractive to top talent, reducing recruitment costs and improving employee retention. A favorable reputation can also enhance relationships with investors and partners, providing better access to capital and more advantageous business opportunities.

The public relations profession is in the reputation business. Yet there are new threats to reputations that aren't yet on most practitioners' radars -- and if they are, they haven't found their way into plans and strategies. For example, companies that succumbed to political pressure to back away from their DEI commitments have suffered reputational damage, while those that stood by them have seen their reputation scores increase. That may have something to do with general support for DEI, but research found that customers crave consistency from the companies they do business with, and the sudden U-turn away from DEI commitments leadership previously touted was viewed as a failure of integrity.

Add to that the surge of disinformation and job loss AI is already bringing to the business world, and it's clear we're facing a new world of reputation management. In this short midweek episode, Neville and Shel look at some recent research and reports to zero in on the newest reputation challenges and how communicators should face them.
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