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Examples Of Bad Good and Ugly Corporate Reputation Risk Management
6 June 2023 – Confederation of British Industry CBI
The Cost of Business Reputation Damage
In today’s digital age, businesses are more exposed than ever to reputational damage. A single negative incident, such as a product recall, data breach, or employee scandal, can quickly spread online and damage a company’s reputation. This can lead to a loss of customers, partners, and investors, as well as a decrease in sales and profits.
The cost of business reputation damage can be significant. A study by the Ponemon Institute found that the average cost of a data breach in the United States is $3.86 million. The study also found that the cost of a data breach can increase significantly if the breach is not handled effectively. For example, a breach that is not disclosed to customers in a timely manner can cost a company an additional $1.2 million.
The CBI Confederation of British Industry is a good example of a business that has suffered reputational damage.
Its existence is now threatened prompted by media reports of misconduct, including two allegations of rape, and of a toxic culture, a claim a CBI-commissioned analysis found to be unfounded.
The media storm saw CBI leader sacked. It also triggered an ongoing investigation by the City of London Police, led government and the opposition to suspend engagement with the CBI and prompted an exodus of leading companies who make up its membership and others have suspended membership until the CBI improves its risk management and corporate governance. CBI’s membership has declined, its influence has floundered and now its very existence is threatened by “competitors” representing interests of businesses.
The CBI’s experience is a reminder that businesses need to take steps to protect their reputations. This includes having a strong corporate culture, investing in employee training, and having a crisis management plan in place. Businesses should also be transparent with their customers and stakeholders, and they should be proactive in addressing any potential problems.
How to Protect Your Business Reputation
There are a number of things that businesses can do to protect their reputations. These include:
- Have a strong corporate culture. A strong corporate culture can help to create a positive environment for employees and customers, which can help to protect the company’s reputation.
- Invest in employee training. Employee training can help to ensure that employees are aware of the company’s values and how to behave in a way that is consistent with those values.
- Have a crisis management plan in place. A crisis management plan can help businesses to respond to negative incidents in a way that minimises the damage to their reputations.
- Be transparent with your customers and stakeholders. Transparency can help to build trust with customers and stakeholders, which can help to protect the company’s reputation.
- Be proactive in addressing any potential problems. Businesses should be proactive in addressing any potential problems that could damage their reputations. This could involve issuing a public apology, making changes to the company’s policies, or taking other steps to address the problem.
By taking these steps, businesses can help to protect their reputations and avoid the significant costs that can result from reputational damage.
The cost of business reputation damage can be significant. Businesses can take steps to protect their reputations by having a strong corporate culture, investing in employee training, having a crisis management plan in place, being transparent with their customers and stakeholders, and being proactive in addressing any potential problems.
23 April 2023 – What are the lessons from the overhaul of the Bud Light marketing strategy?
The overhaul of the Bud Light marketing strategy using Dylan Mulvaney was a controversial move. When the company partnered with Dylan Mulvaney, a transgender TikTok star, it was sending a message that it was a brand for everyone. This message was well-received by many consumers, who appreciated Bud Light’s willingness to stand up for inclusivity.
Any time a brand takes a stand on a controversial issue, it’s important to be prepared for backlash. Bud Light knew that partnering with Dylan Mulvaney would likely draw some criticism. However billions of dollars of corporate valuation and revenue has been wiped off its financial books.
- Has the brand been irreparably damaged?
- Does the brand just have to be patient to break into other consumer marketplace and recover its core base spending power?
- Was the new overhauled marketing strategy an example woke desire over corporate sense for its product?
- Does the brand just have to be patient to break into other consumer marketplace and recover its core base spending power?
Overall, the overhaul of the Bud Light marketing strategy using Dylan Mulvaney was a bold move for the brand. It seemingly felt that Bud Light is a company that is committed to inclusivity and so it could take its existing customer-base with it into new markets. The company was willing to take risks in order to reach new target audience. What will be the valuable lessons to take from this type of brand risk taking?
20th May 2022 – How do you maintain a brand and personal brand reputation in fast paced news cycle
Credits: Electrek
BooHoo which owns brands like Pretty Little Thing and Nasty Gal will undertake an independent review of its UK supply chain following allegations that factories in Leicester that sell clothes to BooHoo pay workers below minimum wage in UK and failed to protect them during coronavirus pandemic.
BooHoo has also announced it will invest an initial 10 million pounds to eradicate malpractice in supply chain risk management step. BooHoo has to now rebuild its brand reputation following the allegations in its supply chain. It has promised to terminate any supply chain relationship where noncompliance with its code of conduct is found.
BooHoo has found like companies before it the cost of supply chain management impacting on its profit. Companies like Next ASOS and Amazon have removed all BooHoo clothing from sale following the allegations about BooHoos supply chain. More than a billion pounds was quickly knocked of BooHoos market value.
24th March 2020 Sports Direct Plc International Frasers Group Plc Manages To Grab Defeat From The Jaws Of Victory
The coronavirus COVID19 is just about to hit peak of infections and deaths in the UK. The UK government announces it is instructing all shops not selling essentials like food and medicine to close as many people in the UK are not following social distancing guidance.
Sports Direct decides its products like fitness equipment makes it an essential business so says it is not going to close. After a word with the UK government Sports Direct says it will close.
Bike repair shops are remaining open but it is hard for many members of the public to agree that Sports Direct is an essential supplier.
Businesses such as B&Q are remaining open so you do not have to be in the medical sector to be regarded as an essential supplier. However Sports Direct seems to think that pushing it to the limit is the key part of its success in future. As a result its reputation is once again in tatters.
Recovering its reputation was on track but a slip in the face of existential global crisis demonstrates that taking it to the max can be perceived as simply taking the piss! That does not help your brand flourish sustainably! Perhaps why its changing its name to Frasers Group Plc.
12th August 2018 Monsanto Weedkillers Claimed To Be Dangerous In USA
It remains unclear whether weedkiller produced by Monsanto and used widely around the world is dangerous. However in America a jury has found Monsantos weedkiller to be dangerous. A man claimed a weedkiller containing glyphosate had caused his cancer and won a quarter of a billion pounds in damages from the company.
Monsanto is appealing the decision but around the world retailers are reconsidering the stocking of weedkiller. Consumers when they see the Roundup brand in UK on the shelves of the store may think twice after hearing about the alleged connection between the weedkiller and cancer.
In the court case in America it was successfully argued that Monsanto knew the weedkiller was dangerous but continued to sell it. The defence did argue that competing evidence concluded it was relatively safe to use and did not need additional labelling as to the potential risks to health.
Monsanto say they will try to overturn the jurys decision and defend the company products and brand. However how much damage to the brand has been done before the result of the appeal is found?
Glyphosate is found in many weedkillers. There is contradictory evidence as to the level of safety of this ingredient. It is used widely in agriculture and to kill weeds. Some countries have banned using glyphosate in some circumstances. However it remains the most popular ingredient in weedkillers around the world. Many manufacturers use this ingredient. Some countries think its great others want it banned. Many very large organisations have studied the ingredient and found no link to cancer.
What do you think? How would you protect the reputation of your products in a similar situation?
18th June 2018 Wendys Restaurant Chain
A Wendys restaurant in Oklahoma reached across the world with what is an unwelcome news story for Wendys. An employee allegedly videoed a mouse inside a bag of hamburger buns and shared it online.
Wendys defended itself saying that the local health department visited the restaurant in question and found no violations. However the video on Facebook was backed by comments that people should not eat a Wendys.
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