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Chris Foster

      Reputation Strategy and Analytics in a Hyper-Connected World

Reputation Strategy and Analytics in a Hyper-Connected WorldChris Foster

      Cover image: © aleksandarvelasevic/iStockphoto

      Cover design: Wiley

      Copyright © 2016 by Chris Foster. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

      No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.

      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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      Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

       Library of Congress Cataloging-in-Publication Data:

      Title: Reputation strategy and analytics in a hyper-connected world / Chris

      Foster.

      Description: Hoboken: Wiley, 2016.

      Identifiers: LCCN 2016014398 | ISBN 978-1-119-05249-4 (cloth) | ISBN

      978-1-119-21270-6 (ePDF) | ISBN 978-1-119-21271-3 (ePUB)

      Subjects: LCSH: Corporate image. | Communication in management. | BISAC:

      BUSINESS & ECONOMICS / Business Communication / General.

      Classification: LCC HD59.2 .F67 2016 | DDC 659.2–dc23 LC record available at

      https://lccn.loc.gov/2016014398

      Acknowledgments

      The contents of this book are based primarily on my hands-on experiences in the corporate communications field over the past two decades. The book also represents a process of discovery, in which I sought the opinions and wisdom of numerous experts. In that respect, the book is a trove of collected knowledge and insight, enriched by persistent research and interviews with many expert sources, including Erin Byrne, Lauren Coleman, Yasmin Crowther, Patrick “Pat” Ford, Martis “Marty” Davis, Bronwyn Kunhardt, Eric McNulty, and Ame Wadler, who generously shared their stories and insight with me. I thank them sincerely for their time, their energy, their intelligence, and their kindness.

      This book would not have been possible without the effort, attention, and steady guidance of Jeanine Moss, the founder and president of Turning Point Solutions. Jeanine is truly one of the best strategic communications advisors in the field, and I greatly value her friendship.

      I owe a special debt of gratitude to Mike Barlow, who served as editorial director for this book. His advice and expertise were invaluable. Thank you, Mike!

      I also extend my sincere thanks to Sheck Cho and Vincent Nordhaus, my editors at John Wiley & Sons, who had faith in the value of the project and were patient when I missed my deadlines.

      Most of all, I want to thank my wife, Jan, and our son, Nicholas, for their love, support, and willingness to take this journey with me – thank you!

      Introduction

      We live in a world of increasing transparency and high velocity communications. Information not only travels faster, it travels farther and is available everywhere. The rapid convergence of cloud, social, and mobile technologies has created a new generation of empowered and information hungry customers.

      In today’s interconnected consumer economy, the notion that a company’s reputation can be “managed” as a simple commodity or one-dimensional artifact is dangerously outdated. Every morsel of information – no matter how trivial or seemingly innocuous – has the potential to go viral in a heartbeat. Reputations that took decades to build can be destroyed in mere moments.

      Brand Does Not Equal Reputation

      Great companies discern the critical difference between brand and reputation. Let’s take a moment to examine this difference, because it is vitally important. As customers, our impression of a brand is usually formed by our direct experiences with a company’s products or services.

      A company’s reputation, however, is formed by a collective belief system about quality or character. These beliefs are typically formed from hearing or reading the opinions of other people – friends, experts, and even total strangers – which today are relayed across an ever-widening array of media platforms and channels.

      A good reputation:

      ● Creates trust in an organization’s products or services

      ● Provides access to policy and decision makers

      ● Attracts and retains the best employees

      ● Drives credibility with outside partners

      ● Serves as a critical success factor for investors

      Indeed, the difference between brand and reputation is huge, and not yet fully appreciated. The management of a brand is a multidimensional function ranging from communications to product marketing. It involves complex and interrelated programs with often fuzzy mechanisms for measuring results or gleaning data that would improve future efforts. The reputation of a brand, on the other hand, is affected by additional factors that are independent of marketing-oriented brand management activities. Market conditions, CEO performance, and employee churn are all examples of variables that affect corporate reputation.

      With that in mind, it’s fair to say that the reputation of a brand reflects a broad and fluid set of perceptions, beliefs, and expectations held by all of an organization’s stakeholders. It is the sum of their opinions, based largely on what they see, read, hear, and experience.

      Reputation Strategy: The Proof of a Successful Brand Management Program

      Until fairly recently, the downside risk of confusing brand and reputation, or not understanding how the mechanics of brand management and Reputation Strategy differ, was relatively minor. However, the Internet, broadband networks, and

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