Shielding Your Business: The Art and Science of Reputation Management
By Patricia Bosa Business reputation matters in today's digitally-driven world and they are more vulnerable than ever before. A single negative review or damaging story can quickly torpedo even well-established brands. This makes proactive reputation management an essential in the art and science for companies seeking to thrive in the long run. When skillfully executed with authenticity, strategic reputation stewardship inspires trust, loyalty, and sustainable growth. The High Risks of Reputational Damage Consider the potential risks of reputation mismanagement: Lost customers: Each year, approximately 15% of consumers stop doing business with a company due to perceived reputation issues, per research by the Reputation Institute. This directly impacts revenue and market share. Recruitment challenges: Over 80% of job seekers report eliminating prospective employers with lackluster reputations from consideration, according to a 2021 Prophet study. This shrinks the talent pipeline...