2023-07-10 17:59:00
Corporate reputation has become a vital asset for companies in all sectors and sizes, according to experts.
To have a reputation you have to have a past, you cannot improvisesays José Manuel Lancha, corporate director of Merco.
He compares the reputation with the antibodies of a company, since, although it does not prevent all adversities, in times of crisis, companies with a strong reputation have better defense capabilities than those without.
He claims that Talking about reputation is talking about business, since reputation is what differentiates and positions a company.
“Corporate reputation, along with other intangibles, constitute the main vector of competitive differentiation,” Lancha points out.
He says that they appeal to issues of an emotional nature, and are -for this reason- inimitable.
The hard variables of all businesses constitute an area of convergence and rapid imitation by the players in each market, which is why they do not provide lasting advantages, says the expert.
He also adds that reputation generates economic value. “In leading companies, most of their value resides in intangible assets, such as the brand and reputation of the company and its leaders.
Image and reputation: a false dilemma
He also considers that Image and reputation is a false dilemma. “The image generates attraction, curiosity and desire to know. Essential for customers to approach us”.
And that reputation generates confidence by projecting into the future the good historical behavior.
Reputation: an Intangible of high economic value
Lancha highlights that the most reputable companies suffer less from the impact of the crisis on their businesses and recover quickly in terms of sales.
In addition, companies with a good reputation have a double competitive advantage in the talent market: They are preferred by professionals to work for them (Attraction) and the pride of belonging and commitment of employees cause them to have lower turnover rates than the average. average, at management and executive levels.
In terms of customers, companies with a stronger business reputation tend to have a higher percentage of loyal customers, which is crucial in the service sector.
Reputation: a new leadership paradigm
In terms of leadership, there has been a shift from a magnitude-based approach to a reputation-based approach. A leading company is the one preferred to buy, work, invest and have as a neighbor.
measure reputation
To measure reputation, it is necessary to know how each interest group values the performance of the company. This requires quality analytical work. There are two ways to measure reputation:
1. Measuring the sequence of progress in building reputation: it is measured with respect to ourselves: Reputational Management Plan, the advantage is that the reputation variables, values and indicators are chosen by us, it is like a tailor-made suit, the drawback is that it does not allow us to compare.
2. The comparison of our reputation with others: Monitors and Reputation Rankings, the advantage is that a homogeneous analysis is carried out that allows comparison. The drawback is that it evaluates universal variables.
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