According to C-level executives in the finance sector, eight in 10 think reputation management is more important for businesses now than it has been previously.
And it seems consumers agree. We’ve conducted nationwide research and found that 73% of consumers say if they were looking for a financial product – such as a loan, credit card, bank account or mortgage – and spotted an offer from a finance provider they didn’t already use, they'd search online to find out about the company’s reputation, before making a decision.
The findings also showed that brand reputation is more important than both product and price when choosing a finance provider, according to 37% of consumers. Product came in second (34%) whilst less than a quarter (24%) placed price as the top priority.
Yet our study on reputational risk found that many of the executives surveyed don’t think their business is fully prepared to deal with reputational challenges.
PR and communications expert Rudiger Theilmann from Leeds Beckett University, which is recognised globally for its communications projects with international brands, said: “Too often, businesses forget about the importance of reputation management until dealing with an issue – and it’s then the value of reputation becomes abundantly clear. But there are many ways that organisations can strengthen their reputation.”
Below are 10 simple steps you can take to strengthen brand reputation and build customer trust:
1. Focus on quality and compliance
Build trust and positive word-of-mouth by ensuring your products and services are compliant and meet or exceed customer expectations. Further strengthen reputation with thought leadership on relevant topics to highlight this, and showcase feedback from consumers or peers.
2. Transparent communications
Be open in your communications with stakeholders to help build trust and loyalty and consider all channels and how they interact to ensure consistency of message.
3. Prioritise customer satisfaction
Ensure you address customer concerns promptly, and demonstrate your commitment to listening to feedback and taking appropriate actions.
4. Evaluate online reputation
Keep track of how your company is viewed in terms of customer reviews, media features, social media mentions and other forums, to ensure you understand perception and can address any reputation-reality gaps.
5. Crisis and issues training
Ensure your teams are trained to handle issues and associated media attention and set out straightforward processes for sharing information with stakeholders.
6. Incorporate ESG strategies
ESG should be part of your overall brand strategy. As well as having potential to significantly impact the company’s financial performance, your ESG strategy can be a powerful asset in strengthening reputation.
7. Consistent branding
Ensuring your brand is consistent across all channels will help build recognition and trust among customers. Consider the customer journey and the different points of engagement and look at how your brand is represented at each stage, with clear communications, as well as a strong
visual identity.
8. Be adaptable
Changing beliefs and expectations are a key determinant of reputational impact when issues arise. Therefore, being adaptable and responsive to changes is essential. Listen closely to what your customers are saying and examine recurring themes or trends.
9. Employee training
From helping to keep your business safe from cyber attacks to acting as ambassadors on social media, your employees play a crucial role in reputation management, so ensure they receive appropriate training and can articulate your company values and key messages.
10. Build positive relationships
A network of strong relationships with stakeholders will be invaluable in times of reputational challenges. Be sure to have processes in place to engage and inform them as appropriate.
For support in building your brand or creating effective communications strategies, email us team@ampcomms.co.uk.