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Reputation today

Image by Louis Reed
business hand clicking rating on virtual

The good - or less good - reputation of people has accompanied and moved the public for centuries. The fact that reputation is also important for companies has probably never been disputed, but for a long time it was not important in everyday business life.
It was only a few decades ago that US economists began to explore the connection between quality, price and reputation and introduced the term into modern scientific literature. And it was only late in the 20th century that the subject was successfully transferred from the scientific level to the awareness of the corporate world. The business discipline "Reputation Management" was born.


Today, reputation is one of the great intangible assets of a company. In times when the products and services offered are becoming increasingly interchangeable, other factors come to the fore. Issues such as purpose, sustainability, corporate responsibility, ESG and corporate governance are shaping the external perception. Companies are called upon to take a stand on the major economic and social problems - e.g. environment and climate, equal opportunities, diversity and inclusion, data security. Who you are as a company has long been more important than what you sell.     
Reputation represents the collective perception that results from the public and personal exchange of individual images as well as personal experiences. Reputation arises from perceptions in the past. And thus influences behaviour in the future. Companies with a good reputation are economically more successful, are preferred by customers, attract the better talents, are more interesting for investors, are more resistant to crises and enjoy greater public trust- they receive the unrestricted "license to operate".
Reputation today has another dimension of significant importance: the digital traces we leave on the web and social media every day; all kinds of evaluations of companies, organisations, products or people lead to a "social score", a digital reputation - reputation as an online currency in the digital society.    
Leaving the company reputation to itself is negligent. An actively managed reputation brings transparency to the complex issue, shows how it is perceived by the main stakeholder groups and enables targeted management of corporate reputation.

Professional reputation management thus creates the basis for better corporate results at all levels.

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