The Corporate Reputation of an organization is defined as the collective judgment about its financial and social status along with the complete assessment of how the company is professed by others. This is calculated by considering all the actions of its past and planning its future actions. Hence, maintaining a positive corporate reputation is very important for any organization as it shows how credible and trustworthy a relationship an organization maintains with its stakeholder.
A good corporate reputation is a key to the success of that organization. It cannot be bought through various advertising campaigns nor it can be built using some clever marketing techniques, it is achieved by delivering the promises to the target audiences and stakeholders on time. So, it is very important to maintain a corporate reputation in this very competitive environment. In the growing world of social media where everything is so transparent, it takes a second to ruin the corporate reputation of any organization and then it takes years to rebuild the same trust among the potential customers.
The corporate reputation of any organization is measured on a “reputational radar” and it is comprised of three major elements:
- Brand: It is calculated as the understanding between the brand and the potential customers.
- Organizational: An organization gives birth to many brands and sub-brands. But it is not necessary that the perception of the customers about the brands matched with the organization hence, along with brand reputation it is important to maintain an organizational reputation as well.
- Stakeholder: Stakeholders are the ones who invest directly or indirectly in the company. They represent the brand in the market and it is very important to maintain a stakeholder reputation.
Why Corporate Reputation is Important?
A reputation of a company is how people trust it and hence, it is directly proportional to the growth of that organization. Credibility, trustworthiness, reliability, and accountability are the four most important pillars that help in creating the reputation of the company in front of potential customers. The stakeholders that invest in the organization play another vital role in maintaining a positive reputation.
Here are some pointers that are crucial to consider in maintaining a healthy corporate reputation.
- Trust is the foremost factor that maintains the target customers for life long and keeps adding new ones. It is maintained when the services are delivered on time and the way it is promised. The refund policy should be clear and terms & conditions mentioned on the website should be added in polite and clear language.
- Another important thing to consider is always delivering quality and delivery exactly the way it is promised.
- Happy customers make the organization grow exponentially hence, never break that bond with them. Also, if the business allows, you can provide rewards to them to make them happier.
- Always be responsive to their demands. Be ready to accept new requirements and try to fulfill them without compromising the quality.
- If you have loyal customers, no one can ruin the corporate reputation even with the help of social media.