There is no doubt that a companies reputation can affect its success or failure. In certain instances, as with the banking fall-out a number of years ago, a few companies’ reputation can also impact negatively on an entire industry.
Although PR should be harnessed to positively build and maintain a good corporate reputation on a continuous basis, it becomes of paramount importance in crisis times. Public faith has to be restored and individual companies must focus on building their own reputations and that of the industry.
How can companies manage their reputations effectively? Companies must engage with their target audiences in such a way that they create trust - and trust requires open, honest and accurate communications at all times.
In terms of building credibility, target audiences typically require information on the quality of products and services, the company’s stability, corporate governance and involvement in local communities.
Traditionally, press releases, articles and interviews were used to get PR messages across. Although these tools still apply today, the fast-paced nature of news content on social media platforms such as Twitter, Facebook, YouTube and LinkedIn has made it necessary for companies to maintain a presence in this digital world too.
An online newsroom, with feeds into other relevant online portals and platforms, offers the perfect place to do this.
While social media can clearly be successfully harnessed as part of an integrated strategy to inform and influence opinion, it also has to be managed closely. With stories now living online, they grow organically and quickly – a good thing in terms of credibility – but that also means real-time crisis management if there is misinformation or a crisis situation. Some targeted efforts like the McDonalds recent Twitter campaign backfired (#McDStories) when consumers used it to voice harsh criticism about food quality and service. Companies that fail to engage or respond appropriately can also suffer severely at the hands of social media users. Companies keeping their finger on the social media pulse will be able to connect, anticipate, respond and re-align strategies effectively.
PR is just one part of the marketing mix, but the good news about PR is its power in terms of reputation management and reach, as well as its unbeatable cost effectiveness.
Sources: PR Society of America; PR Newswire; PR Coach.com; CommPro.biz; Socialmedia.com; Financial Times (NY), Advertising and Marketing Review.
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