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Building Your Reputation Bank Account

Building Your Reputation Bank Account. 2010 Fleet Safety Council Conference October 23, 2010 Presented by: Tricia Hellingman, APR, C.Dir. “ We can afford to lose money – even a lot of money. We cannot afford to lose reputation – even a shred of reputation.” - Warren Buffett.

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Building Your Reputation Bank Account

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  1. Building Your Reputation Bank Account 2010 Fleet Safety Council Conference October 23, 2010 Presented by: Tricia Hellingman, APR, C.Dir.

  2. “We can afford to lose money – even a lot of money. We cannot afford to lose reputation – even a shred of reputation.” - Warren Buffett

  3. Companies are increasingly realizing that reputation may be their most important asset.

  4. The overall esteem in which a company is held by its constituents. Reputation is:

  5. Another Definition It is the result of what you do, what you say and what other people say about you.

  6. Some Interesting Researchby The Reputation Institute

  7. Online survey of 26,000 consumers in G8 countries asking them to rate the reputation of 39 countries in different categories.

  8. Live 1. Canada 2. Switzerland 3. Australia 4. Sweden 5. Denmark

  9. Work 1. Switzerland 2. Australia 3. Canada 4. Sweden 5. Norway

  10. Buy 1. Switzerland 2. Sweden 3. Germany 4. Canada 5. Japan

  11. Invest 1. Switzerland 2. Sweden 3. Canada 4. Australia 5. Norway

  12. Visit 1. Canada 2. Australia 3. Switzerland 4. Italy 5. Spain

  13. Canada’s Most Respected Businesses

  14. 1. Tim Hortons 2. Jean Coutu 3. Bombardier 4. Yellow Pages 5. Rona 6. Saputo 7. Canadian Tire 8. Research in Motion 9. Metro 10. Westjet The Top 10 Canadian Companies With the Best Reputations

  15. Why is Reputation so Important?

  16. Benefits of a Strong Reputation • Customer preference • Ability to charge a premium • Positive employee morale • Recruitment advantage • Increased employee productivity & responsibility • Support from regulatory agencies • Support in times of controversy

  17. What Makes a Corporate Reputation 1. Ethics 2. Employees/workplace 3. Financial performance 4. Leadership 5. Management

  18. What Makes a Corporate Reputation Cont’d 6. Social responsibility 7. Customer focus 8. Quality 9. Reliability 10. Emotional appeal

  19. Building Your Reputation Bank Account …in Case of an Emergency Withdrawal

  20. How to Build Your Reputation Bank Account • Ensure you always do the right thing • Offer superior customer service • Commit to excellent employee relations • Treat suppliers fairly & with respect • Build your corporate brand

  21. How to Build Your Bank Account Cont’d • Identify your key stakeholders & engage with them • Communicate your achievements • Admit to your errors & explain how you will address them • Work with your industry association to raise the bar for your industry • Distance yourself from the “bad apples”

  22. Building your Corporate Brand • Conduct market research • Ensure your corporate image reflects how you want to be perceived • Have your CEO take the lead and set the standard for others to follow

  23. Identifying Key Stakeholders & Engaging With Them • Identify your key stakeholders • Develop a plan to regularly engage with them through surveys, face-to-face and group meetings • Ask them how you are doing and how you might improve

  24. Communicating Your Achievements • Develop & implement a communications and marketing plan • Include a web presence, and regular written & electronic communications • Tell your story to community groups • Cultivate media relationships, send out news releases and follow up • Develop a crisis communications plan

  25. Some Examples • Dofasco • Maple Leaf Foods • Walker Industries • Hospital for Sick Children (Toronto) • McDonald’s • Johnson & Johnson

  26. For Companies in Challenging Industries • Establishing a healthy reputation bank account is more difficult, because the industry is generally not well regarded • It’s even more important to strive for a good reputation • A good opportunity to differentiate from your competition

  27. Challenging Industries • Waste Management • Mining/Aggregate Extraction and Processing • Chemical • Energy Companies and Facilities – Oil, Gas, Coal and Nuclear • Correctional Facilities/Halfway Houses/Addiction & Mental Health

  28. Do Extraordinary Things • Serve on community boards • Sponsor unique events • Demonstrate a commitment to environmental sustainability • Develop unique partnerships (i.e. with police, CAA) • Show you care about road safety

  29. “It takes about 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently.” -Warren Buffett

  30. Questions?

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