Remember the Domino’s Pizza crisis in 2009?
Two employees posted a video of themselves tampering with food in grotesque ways, sparking a viral outrage.
Domino’s had to leap into damage control, reshaping its entire brand narrative and amplifying its reputation management efforts.
And you know what?
Their resilient rebound strategy not only managed the crisis but also transformed their brand for the better.
That’s the power of effective reputation management.
According to the World Economic Forum, on average, more than 25% of a company’s market value is directly attributable to its reputation.
Deloitte’s 2018 study highlighted 87% of executives rated reputation risk as more important than other strategic risks.
It’s not just about handling a crisis.
It’s about creating a protective aura, ensuring that your brand remains unscathed, and, if it does get tarnished, knowing exactly how to polish it back to brilliance.
Enter Tracy Schario.
She’s here to dissect the intricate dance between reputation management, brand identity, and marketing communications.
The Underlying Currents
Did you know that a mere 5% decrease in a company’s reputation can result in a revenue decline of up to 3%?
No business can afford such a hit.
In today’s digital age, with the ever-watchful eye of social media, the stakes are even higher.
A single tweet can cause a brand’s reputation to crumble within hours.
So, how do we navigate these turbulent waters?
The Compass to Steer By
Reputation isn’t just built on what you say.
It’s primarily about what you do and how you respond.
I, Anatolii Ulitovskyi, had the privilege to sit down with Tracy.
Our conversation touched on the delicate art of crafting narratives, understanding audiences, and how brand actions reverberate through the echo chamber of public opinion.
And here’s a little sneak peek for you.
Companies with solid reputations are 2.5 times more likely to be viewed as leaders in their industry.
Powerful, isn’t it?
The journey of a brand, its ups, downs, and its resilience amidst it all, is a captivating story waiting to be told.
Want to know more?
Tune in to this episode of the UNmiss podcast.
Dive deep into reputation management and its significant influence on brand and marketing communications with Tracy Schario.
This is one conversation you won’t want to miss.
- What exactly is reputation management?
Reputation management is like your brand’s bodyguard. It’s all about controlling and improving how the public perceives your brand. Whether dealing with negative reviews or promoting positive stories about your brand, it’s all about shaping the narrative in your favor.
- Why is reputation so crucial for a brand?
Think of it like this: if you meet someone who comes highly recommended by your friends, you’re already inclined to like them. Similarly, a good brand reputation means customers are more likely to trust your company before they even experience it for themselves.
- How can one lousy review really impact a business?
You know, it’s funny. We humans are wired to remember the negative more than the positive. So, while a single bad review amidst a sea of good ones might not tank your brand, it can certainly stick out and influence potential customers.
- Are there any tools to help with reputation management?
Absolutely! Tools like Google Alerts, Mention, and Brandwatch can help you monitor mentions of your brand. This way, you’re always in the loop and can act quickly.
- What’s the difference between reputation management and public relations?
Great question. While they’re closely related, think of PR as a way to proactively shape your brand’s image through media and communications. On the other hand, reputation management is more about responding to and shaping public perceptions based on what’s already out there.
- Can small businesses afford to ignore reputation management?
Honestly? Not really. While they might not face crises on the scale of prominent corporations, even a local bakery can take a hit from a series of negative Yelp reviews. Every business, no matter its size, benefits from being proactive about its reputation.
- How long does it take to repair a damaged reputation?
Ah, the million-dollar question. It’s like asking how long it takes to build trust. There’s no one-size-fits-all answer. Some brands bounce back quickly, while others might need years, especially if the damage is significant.
- Can I just delete negative reviews or comments?
Tempting, isn’t it? But it’s not always the best approach. Addressing the issue head-on and showing you care about feedback can sometimes turn a negative into a positive. Plus, simply deleting criticism can make it seem like you’ve got something to hide.
- How does reputation management fit into a broader marketing strategy?
Think of it as the foundation. All your marketing efforts, from ads to social media campaigns, will be more effective if built on a solid reputation. After all, it’s easier to sell to someone who already thinks well of you.
- Is it just about managing the negatives?
Not at all! It’s as much about amplifying the positives. Celebrate good reviews, share success stories, and tell the world about your brand’s achievements. It’s about painting the complete picture of who you are as a brand.
Learn more about Tracy Schario on the following resources: