In the internet age, reputation management is more important than ever to brands.
Online allegations, rumours and social discussion can quickly spiral into damaging articles that have the potential to be seen by customers and potential customers for a long time to come.
Yet, a recent survey by accountants BDO revealed that a quarter of UK small and medium sized businesses do little to manage their reputations. This is despite 79 per cent insisting corporate reputation was important.
The damage that can be done by damage to a company’s reputation was clear in 2015. The fake emissions scandal cost Volkswagen an estimated £15 billion, while negative publicity surrounding Thomas Cook’s response to the death of two young holidaymakers at one of their properties resulted in a £75 million drop in its value.
The Daily Telegraph reported that the total value of ‘reputation’ to the UK economy is £1.7 trillion. So why do so few companies actively protect theirs, instead only reacting once damage has been done in an attempt to wipe the slate clean?
It is possible that ignorance is one answer. The BDO survey showed traditional media such as newspapers and TV were deemed the biggest risk by 21 per cent of respondents, while 17 per cent believed the internet carried the biggest threat.
At Democracy, our expertise in reputation and crisis management has seen us assist clients of many different sizes. We’ve done it so well that we’ve won awards for it, although often it’s work that goes on under the radar that is the most valuable to a company’s reputation.
Download the CORGI HomePlan or webuyanycar.com case studies from our website homepage or look on our awards page for the prizes the CIPR gave us in 2014 and 2013 for webuyanycar.com and Black White Denim.
Your brand’s reputation is hard won and has the potential to be quickly lost, such is the power of the online audience. Don’t wait until you are caught in the middle of a storm to talk to us, be one of the savvy few who puts a crisis comms plan in place BEFORE you need it.
Get in touch now on 0161 881 5941 or email jennifer@democracypr.com