Author(s): Paul Argenti
Companies, both big and small, risk their reputation each day. No matter how good things seem to be, serious threats can instantly damage a company’s reputation, sending even the most respected businesses into a tailspin from which they might not fully recover for years. Typically companies assume the appropriate way to manage reputational risk is to significantly increase spending on crisis management. However, this approach will no longer fly, because the public is growing increasingly cynical about corporate behavior. What can companies do to safeguard their reputation and their brands — and beyond that, to enhance and even realize strategic value from them? This article defines the four reputation strategies companies typically utilize and offers advice on which work and which do not.
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