Building trust through reputation management

doi:10.1017/CBO9781139152389.012

9 - Building trust through reputation management

Published online by Cambridge University Press: 05 July 2014

Edited by

Brian Moriarty and

Paul Argenti: Affiliation:
Tuck School of Business, Dartmouth
Jared D. Harris: Affiliation:
University of Virginia
Brian Moriarty: Affiliation:
University of Virginia
Andrew C. Wicks: Affiliation:
University of Virginia

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Summary

EXECUTIVE SUMMARY

the situation

Business scandals, coupled with the adoption of digital communications platforms such as social networks, have created a perfect storm of distrust. Never has there been such public awareness of corporate malfeasance, and never have there been so many channels through which constituents can voice their concerns.

key questions

What is the relationship between trust and reputation? How can social media affect the erosion of trust? What is the importance of authenticity in times of crisis? How can poor leadership escalate a reputational crisis?

new knowledge

Identity is the only part of reputation management that an organization can actually create and control. It is critical that identity be strategically shaped.

Stakeholders’ access to social media tools lends them a profound ability to impact a business’s success or failure.

Reputation is a source of tangible economic value in terms of analyst valuations and stock performance. The less tangible aspects of a strong reputation can also result in competitive advantage. Companies with strong reputations attract and retain the best talent, as well as loyal customers and business partners, all of which contribute positively to growth and success.

Type: Chapter
Information: Public Trust in Business , pp. 236 - 265

DOI: https://doi.org/10.1017/CBO9781139152389.012 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2014

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