Reputation is something that you build. A corporate image is something that one sees. . Reputation is, what others are saying about you. Reputation is something deeper. It is built over a period of time. Whereas, Image can be built quickly. Immediate mental picture audiences have of a company is reputation. Reputation is something that speaks for you before you do. it is something that stems from inside and outside an organization. When you say a company’s name or simply look at their logo you are reminded of their products, their service, etc - that is a reputation; it usually evolves over time. If you want a reputation for yourself then you need to cultivate one yourself. There are some important elements that help an organization to build a corporate reputation. They are as follows:
1. Social responsibility - This is one of the important factor which helps a company to build a reputation. This includes supporting good causes. Environmental responsibility is also very important and necessary in today’s time. An organization should also show some responsibility towards the community in order to build a good reputation. ITC, P&G, etc are some examples of companies that come to mind when we talk about social responsibility.
2. Vision & leadership - This includes a clear vision for the future, excellent leadership, and market opportunities. Tesla, Mahindra & Mahindra, etc are some examples of the organizations which fit under vision and leadership.
3. Financial performance- A company’s financial performance is one of the important factors which help a company build its reputation. Reliance is the perfect example that has a strong reputation because of its financial performance.
4. Products & services- Reputation can be built through products and services. High quality and innovative products and services that give value for money. All this plays an important role in building a corporate reputation. Tata is an organization that has a strong reputation because of its excellent products and services.
5. Emotional appeal- Admiration, respect, and trust are factors that come under emotional appeal. Respect and trust play an important role in building corporate reputation.
6. Workplace environment- a place is said to be good for work when all the employees are treated equally and fairly. A good and positive work environment helps an organization build its corporate reputation. Godrej, Infosys, etc are some examples that have a good corporate reputation because of a positive workplace environment.
It is very essential to build a strong corporate reputation. Reputation is important to attract, hire and retain talent.