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Blog post
June 25, 2019

How Much Is Reputation Worth?

When customers first hear your brand’s name, what do they think?

Business is a money-driven sector, with revenues, profits and cash flow important considerations.

Many functions can impact on a company’s ability to generate positive revenue, and your reputation is one of the most vital.

Reputation a key business concern

A recent report from professional services and advisory firm Deloitte investigates how much companies value their reputation.

The 2013 edition found damage to a reputation was the No. 1 concern for business executives. This year, Deloitte partnered with Forbes Insight to delve deeper into reputation risk.

Released in October, the 2014 Global Survey on Reputation Risk found that:

“87 per cent of executives believe reputation is more important this year than in previous years”

“88 per cent say they are explicitly focusing on reputation as a key business challenge”

Reputation closely tied to revenue and value

Reputation problems tend to have the biggest impact on revenue and brand value, according to the survey. Respondents who have experienced a negative reputation event said the areas which were affected the most included revenue (41 percent), loss of brand value (41 percent) and regulatory investigations (37 percent).

In Asia Pacific, the concern over revenue and earnings was even higher, with 56 per cent of respondents from this region naming this as most significant factor impacted by damage to their reputation.

Who is responsible for reputation risk?

Most communications professionals would be quick to put up their hand when asked who was in charge of protecting their company’s reputation.

However, the Deloitte survey found that the responsibility for managing reputation risk actually falls on the shoulders of those in the executive-suite. Just over one-third (36 per cent) of respondents named the CEO as the key player, followed by the chief risk officer (21 per cent), board of directors (14 per cent) and chief financial officer (11 per cent).

What should you be keeping an eye out for?

There are unfortunately many things that could potentially damage your company’s reputation the public eye. These include ethics and integrity risks (55 per cent), such as fraud and corruption. This is followed by security risks (45 per cent), like physical break-ins and cyber breaches. Finally, respondents also named product and service risks (43 per cent), including those that may impact on safety, health and the environment.

Looking to the future

Reputational risk is a growing concern across the globe, so it is not surprising that many companies are planning to increase their investment in risk management strategies.

In particular, more than three-quarters of companies in the Asia-Pacific region (78 per cent) are planning to invest more in data collection related to reputation. This includes media monitoring and surveying tools to track mentions on traditional and digital media platforms.

This report demonstrates how important it is for any business to be keeping tabs on their reputation. Receiving real-time updates and media analysis can give companies the ability to respond and manage negative reputation events before they affect the organisation as a whole.

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Here are ways you can use Snapchat in your business

Rather than reaching a mass audience, Snapchat allows you to send messages directly to your group of subscribers. Snapchat messages or ‘stories’ allow you to combine photo, video, text and audio in a unique way to interact directly with fans.

Before you start using Snapchat for business, get to know the platform by using a personal account. Snapchat has lots of great features like filters, emoji and music effects, and you should know your way around these before you start messaging on behalf of your business.

Be original when you use it. Ensure you’re posting content that’s specifically created for Snapchat and get creative. Follow a few other brands and businesses and get a feel for what they’re posting.

Once you’ve got the hang of the platform, you’re ready to examine your audience. Snapchat users tend to be younger, so if you’re looking to reach the 18 to 24 audience, you’re in luck. And once users pick up Snapchat, they get hooked – there are over one billion views of Snapchat stories daily.

Send a special offer or discount

Your Snapchat subscribers are engaging with you in a different way to fans on Facebook or followers on Twitter. They’re agreeing to receive your content directly to their phone, and you should treat them in the same way you would your mailing list subscribers. So be generous and turn them into powerful advocates for your business. A great way to do this is to develop Snapchat-only offers that they can redeem using the code or URL you provide in the message.

Access influencer networks

If you’re not prepared to invest the time to build an audience, or if you want to use Snapchat as part of a broader marketing campaign on a one-off basis, partner with an influencer. They will broadcast your sponsored content to their audience, and you’ll reap the benefits. Alternatively, have an influencer take over your account. You’ll get their creative take on your business while accessing their audience.

Broadcast from ‘behind the scenes’

Give your audience a unique point of view by using Snapchat to ‘broadcast’. Whether it’s a scene from your office, a conference or a product launch, a Snapchat story gives a unique point of view to your audience and gives them a deeper understanding of what your business is about.

Deliver ‘private’ content

Unlike other social platforms such as Twitter or Facebook, where the aim is to show your content to as many people as possible, Snapchat allows you to send content directly to your subscribers. This can be a benefit if you’re looking to trial a new offer or want to reward people who are committed advocates for your brand. Making content exclusive to Snapchat creates another level of access for your audience, so the more effort you put into creating this ‘exclusive’ content, the more you’ll gain from it.

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How To Grow Your Business With Snapchat?

Rather than reaching a mass audience, Snapchat allows you to send messages directly to your group of subscribers. Snapchat messages or ‘stories’ allow you to combine photo, video, text and audio in a unique way to interact directly with fans.

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As the spotlight on sustainability intensifies year by year, it has become a focal point for legislators, media entities, and audiences worldwide.

This dynamic environment demands that brands and institutions elevate their standards in messaging and actions, holding them accountable like never before. For professionals in the PR & Comms realm, it is imperative to grasp not only how sustainability is being discussed but also the potential pitfalls, such as greenwashing, and gain a profound understanding of the diverse audiences receiving these messages.

Explore over 20 beautifully crafted pages of data visualisation that illuminate audience insights sourced from social media, news outlets, and search engines. Gain valuable perspectives on how one of the defining issues of our time is being discussed and understood.

Our exploration of this crucial topic delves deep into uncovering insights that are indispensable for crafting effective strategies, both tactical and long-term:

-Unraveling trends in the sustainability conversation

-Assessing brand & industry reputations

-Navigating greenwashing & misinformation

-Understanding the diverse audiences of sustainability

To access these insights, simply fill in the form

Download now

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Sustainability: Mapping the Media & Public Conversations

As the spotlight on sustainability intensifies year by year, it has become a focal point for legislators, media entities, and audiences worldwide. This dynamic environment demands that brands and institutions elevate their standards in messaging and actions, holding them accountable like never before. For professionals in the PR & Comms realm, it is imperative to […]

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