June 14, 2010 in Marketing, Richard Becker | Permalink | Comments (0)
One of the most common mistakes in business is to use two terms — brand and reputation — interchangeably. (The same can be said for brand and identity.) The confusion has become more pronounced in recent years, in part, because some social media experts frequently combine identity, brand, and reputation.
Richard Ettenson and Jonathan Knowles understood the difference between brand and reputation well enough in 2008.
They defined brand as a “customer-centric” concept that focuses on what a product, service, or company has promised to for its customers and what that commitment means to them. In short, it's the total net sum of all positive and negative impressions about a company based largely upon the consumer-company relationship.
Reputation, on the other hand, is a “company-centric” concept that focuses on the credibility and respect that an organization has among a broad set of constituencies. This would include everyone: employees, investors, regulators, journalists, local communities, and customers. And, it would include all those factors cited by the Reputation Institute.
If you need an example to help drive the difference home, Walmart is one of the best companies to consider. It frequently scores high as one of the best known brands, but its reputation often serves as its primary detractor. It will always be that way for Walmart until the company holds itself to a higher standard.
What It Takes To Establish A Strong Reputation.
1. Product/Service. The ability to deliver on a brand promise — products and services — is paramount to establishing legitimacy. It's one of the primary reasons Google sucked some of the air out of Yahoo as search stewards. As Yahoo bought companies and rebranded them to the central brand, it also inherited and transposed product and service issues. Sometimes it worked out okay with platforms like Flickr, but it suffered the opposite fate with platforms like MyBlogLog. Google, on the other hand, saw its reputation soar as it transformed its acquisitions into Google culture.
2. Brand & Identity. While reputation, brand, and identity are different, they work in tandem. While the products and services may have differentiation, the ability to communicate that differentiation makes all the difference. Apple is paticularly good at this by demonstrating its minimal design elements and innovation virtually with everything it does, right down to the people we expect to see behind the counters of any Apple retail outlet.
3. Advertising. While anyone can argue the finer points of whether social media has circumvented the traditional principles of advertising, it's still the primary source of message delivery. Advertising, more than any other discipline, communicates the brand promise, establishes the identity, and attracts enough attention to create sales opportunities. Sure, sometimes advertising drives sales, but mostly it focuses on everything else.
4. Public Relations. While some people might take exception to seeing public relations follow advertising, there is some truth to the idea. Public relations (and this includes but is not limited to the art of media relations) works to have other groups — ideally employees (via internal communication), investors, regulators, journalists, local communities, and customers — to adopt and believe in the brand promise. To do it, public relations professionals need to assist in creating an environment of mutual trust.
5. Corporate Citizenship. Great companies do not operate within a void. They generally consider corporate philanthropy part of their culture. Even small localized companies can learn from larger companies in that if the community isn't economically viable, healthy, vibrant, and provides a better quality of life, then it will wither. And with it, so will sales within that community.
The same can be said for individuals. There is much more to establishing a reputation as opposed to a personal brand or a personal/professional identity (image). Reputation represents a more holistic approach.
The original post is Establishing Reputation: A Holistic Approach To Business. For a ranking of 28 brands by reputation, see The World's Most Reputable Companies.
May 24, 2010 in Branding, Richard Becker | Permalink | Comments (0)
May 03, 2010 in Candidates, Communication, Retention, Richard Becker | Permalink | Comments (0) | TrackBack (0)
March 13, 2010 in Branding, Communication, Richard Becker | Permalink | Comments (0) | TrackBack (0)
February 14, 2010 in Blogging, Blogs, Richard Becker | Permalink | Comments (0) | TrackBack (0)
According to a fourth quarter survey conducted by Financial Executives International (FEI) and Baruch College's Zicklin School of Business, optimism in the economy is coming from what many would consider the least likely source: chief financial officers.
"CFOs overall closed 2009 with a much improved sense of optimism than when it began, but they are realistic about the challenges that still lay ahead," said John Elliott, dean of the Zicklin School of Business at Baruch College. "CFOs are indicating that they have learned lessons from the downturn and can face the coming year looking forward to the opportunities at hand."
Highlights From The FEI/Baruch Survey.
• Net earnings expected to rise by 22 percent by the third quarter.
• Gross revenue anticipated to grow by 10 percent this year.
• Technology spending anticipated to increase by 6.1 percent.
• Inventory anticipated to increase by 2.5 percent, reversing reductions.
• Prices are expected to increase by 1.13 percent this year.
Where CFOs are more reserved is on employment. Nearly nine out of ten CFOs reported they are looking for efficiencies over new employees. Two-thirds said they would invest in technology; one-third said they planned additional restructuring.
Companies seem hesitant to hire new employes for several reasons, including cost containment (uncertainty of future costs associated with new employees); an increased emphasis on public perception (slower, more manageable growth); a shift from growth-orientation toward leadership-orientation (restructuring to serve a smaller, affluent base); and concerns over the current government administration. Sixty-four percent said the U.S. economic outlook has weakened since Obama took office.
February 01, 2010 in CFO-Coach, Richard Becker | Permalink | Comments (0)
"Our initial thought was that we would need to make significant traction with a B2C offering in order to build interest in the B2B solution," says Sanjay Sathe, founder and CEO of RiseSmart. "But the moment we introduced Transition Concierge in the second half of last year ... we had an extraordinary amount of interest, and were signing up Fortune 500 companies almost immediately."
Continue reading "How RiseSmart Is Disrupting Outplacement" »
November 05, 2009 in Human Resources, Marketing, Richard Becker | Permalink | Comments (1) | TrackBack (0)
"Recruiters shouldn’t care about that Facebook picture of your beer pong game in college." — Shel Holtz, ABC, principal of Holtz Communication + Technology.
The communication has sparked an interesting conversation, with Jen Zingheim, Media Bullseye, wondering if "Millenials are perhaps setting themselves up for future problems, because it's hard to put that privacy genie back in the bottle." At the same time, she recognizes that she came from a different era, one that celebrated the separation of professional and personal, work and play.
Continue reading "Are Recruiters Violating Privacy By Digging Deep?" »
October 30, 2009 in Recruiting, Richard Becker, Social Media | Permalink | Comments (0) | TrackBack (0)
While some of it is unavoidable, anyone hoping to land a job might think twice about how they act on the Internet.
Here are ten tips that might help bloggers and other social network members.
Continue reading "Prospective Employees Be Warned: Some Employers Search" »
October 19, 2009 in Blogs, Richard Becker | Permalink | Comments (0) | TrackBack (0)
I've been working, on and off, to refine a measurement formula for the better part of two years. My hypothesis was simple: the return on investment is related to the intent of the communication and the outcome it produces. For anyone interested in communication measurement, you can find a link to the abstract, Measure: I | O = ROC, a.k.a. The ROC, on my company's blog.
January 19, 2009 in Advertising, Communication, Marketing, Richard Becker | Permalink | Comments (1) | TrackBack (0)
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