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Building Your Reputation Bank Account,2010 Fleet Safety Council ConferenceOctober 23, 2010Presented by: Tricia Hellingman, APR, C.Dir.,“We can afford to lose money even a lot of money. We cannot afford to lose reputation even a shred of reputation.”- Warren Buffett,Companies are increasingly realizing thatreputation may be their most importantasset.,Reputation is:,The overall esteem in which a company is held by its constituents.,Another Definition,It is the result of what you do, what you say and what other people say about you.,Some Interesting Researchby The Reputation Institute,Online survey of 26,000 consumers inG8 countries asking them to rate thereputation of 39 countries in differentcategories.,Live,1. Canada2. Switzerland3. Australia4. Sweden5. Denmark,Work,1. Switzerland2. Australia3. Canada4. Sweden5. Norway,Buy,1. Switzerland2. Sweden3. Germany4. Canada5. Japan,Invest,1. Switzerland2. Sweden3. Canada4. Australia5. Norway,Visit,1. Canada2. Australia3. Switzerland4. Italy5. Spain,Canadas Most Respected Businesses,The Top 10 Canadian Companies With the Best Reputations,1. Tim Hortons2. Jean Coutu3. Bombardier4. Yellow Pages5. Rona,6. Saputo7. Canadian Tire8. Research in Motion9. Metro10. Westjet,Why is Reputation so Important?,Benefits of a Strong Reputation,Customer preference Ability to charge a premiumPositive employee moraleRecruitment advantageIncreased employee productivity & responsibilitySupport from regulatory agenciesSupport in times of controversy,What Makes a Corporate Reputation,1. Ethics2. Employees/workplace 3. Financial performance 4. Leadership 5. Management,What Makes a Corporate Reputation Contd,6. Social responsibility 7. Customer focus 8. Quality 9. Reliability 10. Emotional appeal,Building Your Reputation Bank Account in Case of an Emergency Withdrawal,How to Build Your Reputation Bank Account,Ensure you always do the right thingOffer superior customer serviceCommit to excellent employee relationsTreat suppliers fairly & with respectBuild your corporate brand,How to Build Your Bank Account Contd,Identify your key stakeholders & engage with themCommunicate your achievementsAdmit to your errors & explain how you will address themWork with your industry association to raise the bar for your industryDistance yourself from the “bad apples”,Building your Corporate Brand,Conduct market researchEnsure your corporate image reflects how you want to be perceived Have your CEO take the lead and set the standard for others to follow,Identifying Key Stakeholders & Engaging With Them,Identify your key stakeholdersDevelop a plan to regularly engage with them through surveys, face-to-face and group meetingsAsk them how you are doing and how you might improve,Communicating Your Achievements,Develop & implement a communications and marketing planInclude a web presence, and regular written & electronic communicationsTell your story to community groupsCultivate media relationships, send out news releases and follow upDevelop a crisis communications plan,Some Examples,DofascoMaple Leaf FoodsWalker IndustriesHospital for Sick Children (Toronto)McDonaldsJohnson & Johnson,For Companies in Challenging Industries,Establishing a healthy reputation bank account is more difficult, because the industry is generally not well regardedIts even more important to strive for a good reputationA good opportunity to differentiate from your competition,Challenging Industries,Waste Management Mining/Aggregate Extraction and ProcessingChemicalEnergy Companies and Facilities Oil, Gas, Coal and NuclearCorrectional Facilities/Halfway Houses/Addiction & Mental Health,Do Extraordinary Things,Serve on community boardsSponsor unique eventsDemonstrate a commitment to environmental sustainabilityDevelop unique partnerships (i.e. with
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