In today's modern business world, interacting with stakeholders and the general community is becoming increasingly important. Open communication allows people to quickly hear news of any wrong-doings or controversy, often before the company can formulate the appropriate response.
However, there are ways to adjust a business strategy to build a better reputation to all stakeholders.
How can businesses respond on the internet?
Over the past few years, social media growth has allowed businesses to have a closer relationship with their customers and involve them more deeply with the brand. However, this is also creating more risks of losing social standing.
Making use of innovative measures is a wise way to manage your channels of communication more effectively. According to Target Internet, online reputation management is becoming increasingly important for businesses to be aware of, as more and more channels emerge.
Using applications such as Google alerts, forum searches and optimised dashboard programs will help companies more closely track any rumours, leaks or news related to them or their industry.
Measuring and reporting social good
Of course, one of the most effective ways to build a good reputation is by performing positive deeds rather than simply avoiding negative acts. A recent article from Suzanne Snowden of PricewaterhouseCoopers (PwC) explored the actions of many CEOs and how initiatives such as employment programs, community service, building infrastructure and well-being programs.
Sustainability matters are starting to become an important consideration for branding.
"Perhaps society is not fully aware of how our activities help to develop the communities we operate in," she said.
"Our presence and activity in certain communities lead to significant developments, including better infrastructures, greater services and a more prosperous population".
Maintaining a healthy balance of publicity surrounding a company's programs that benefit society will likely improve your brand's reputation in the mainstream market.
According to a report from McKinsey & Company, sustainability matters are starting to become an important consideration for both social concerns and raising a company's branding. Out of the companies surveyed, 43 per cent are addressing sustainability for a better cultural and value alignment while 36 per cent are pursuing this venture for branding and repetitional reasons.
Keeping track of your brand is perceived by the public is vital as part of your key performance indicators. As the demand for corporate responsibility continues to grow, businesses must be ready to respond.