July 2020
We all know your company’s reputation is important. It’s how people perceive your business. From a financial standpoint, ‘goodwill’ is defined as “an intangible asset” that “comes in a variety of forms, including reputation, brand, domain names, and intellectual property”. Usually people calculate (or attempt to calculate) goodwill when they are looking to sell.
Whether goodwill is in your balance sheet or not, it is important to value and understand. Whether you plan on selling soon or not, you should care how your clients, prospects and the industry see your company. This is where public relations comes in.
A trained public relations professional will focus on understanding and enhancing pubic perception. Some companies start will a goal of increasing brand awareness. That’s a great starting point. But once people know who you are, they start to develop an opinion and narrative around you. How do you control that message? How to do you manage perception, your reputation and your goodwill? What will you do if one Tweet damages your whole company’s image that you work so hard to build? Academics have spent careers studying the answers to these questions.
I’m here to tell you, there’s no short answer. There’s not a replicable recipe for every company. But there are experts that can evaluate, research and lead you to success.
Some things these experts may start with are:
- Looking Internally – Employees are the frontline of your organization. These people are presenting your company to stakeholders and talking about their office environment when they are off-the-clock. What are they saying about your leadership and about your company that can influence your reputation?
- Determine how you are communicating – Are you listening to your clients? Are you focusing on the world around you and adjusting? Consider what factors determine how you make decisions.
- Does your brand need a facelift? – Your website, social pages and other owned media channels are often your first impression. Companies big and small should focus on this aspect of their business.
- Do you have a plan in place in case of a crisis? – “Crisis” is often a CEO’s kryptonite. It’s scary, but it happens. Most businesses are in the midst of a crisis with COVID-19. How do you plan on working through a crisis? What will you look like on the other side?
At Branded, we create a customized plan to increase your brand, reputation and public relations strategy. And we will help you continually implement that strategy for success.
Get in touch with us to learn how you can increase your company’s goodwill.