Business reputation is a significant business asset. Proper management of this asset allows not only to create a positive impression of the brand, but also to reduce risks in crisis situations. Last year, BMW and Mercedes-Benz recalled tens of thousands of cars due to possible problems with brakes, but did this undermine the positions of the auto giants? The weight of the brand and the positive assessment of business reputation that had been formed over the years helped the companies to more easily overcome this crisis with minimal losses among fans.
In this article, we will examine methods for assessing and managing business reputation, and tell you how modern monitoring systems help control reputational risks.
What is business reputation
Business reputation is a set of opinions, assessments and mexico mobile database impressions that partners, investors, clients and society as a whole have about a brand. At the same time, you can lose the audience's trust almost instantly.
Business reputation can and should be monitored and assessed both for one's own organization and for its counterparties, contractors and clients. Sometimes companies neglect this and as a result experience crises and external communication failures that could have been avoided.
In 2018, one of the pillars of "heavy luxury", the Italian brand Dolce & Gabbana, seriously damaged its business reputation, finding itself at the center of a major scandal in China. The PR campaign was to blame - in the advertisement, a Chinese girl was offered to eat pasta with chopsticks. The residents of the Celestial Empire, who are sensitive to issues of national identity, did not appreciate the creativity and perceived it as a mockery of their own culture. And although the brand apologized to customers, large Chinese marketplaces still refused to cooperate with Dolce & Gabbana - so to speak, they assessed the business reputation of the Italian luxury not in favor of the contract.