Your Reputation, Your Currency

What this episode covers

In today’s world of social media, accountability, and transparency - being a brand means so much more than the products a business puts out. Brand or image is manufactured to create an impression in customers’ minds. A brand is something businesses can manage – their image, what you say and don’t, etc. However, reputation is something that businesses can’t really manage – what is said behind their backs. All businesses need to consider, understand, and focus on their reputation. Therefore, reputation is far more important now than brand. As customers and employees, we demand that businesses behave properly. People can quickly identify when they are being duped or tricked by a business. Businesses should create a culture of service and value for both customers and employees. They have to combine all components – branding, reputation, staff, culture, and so on. Businesses need to think about all of the pieces and understand the “Big Picture.” Google, Apple and other businesses are known for their culture. Those are companies with reputations that make people want to work there – and where customers go for products and services! About Neil: Neil specializes in reputation management with some of the world’s biggest brands. He had a background in graphic design when he started getting requests about the importance of image for businesses – this is otherwise known as branding. However, in today’s world, branding has given way to something else – reputation! So now he helps organizations think about their reputation. He helps them understand the importance of reputation and to create strategies that build the best reputations possible – based on the truth. Challenged Issue: In a world built on reputation, what are you doing to make sure you stay on top of that? Neil’s Actionable Tips: * Reputation: Sit back and think about reputation. How does it play a role? Why is it important? * Use Independent Resource: Find someone you trust who can go out and discover the truth about your organization. * Understand Timeframe: Building your reputation takes time, and you need to put in the necessary effort and time. Top Quotes: * “Brand has changed, in a lot of ways, into reputation.” * “Your reputation – can’t manage at all.” * “People are cynical about brand.” * “You can very, very quickly share your thoughts about an organization or brand.” * “The thing about reputation is that it has to be based on the truth.” * “It (reputation) affects the bottom line.” * “There is a very clear understanding of what they are in the business of doing, and how each and every one of them contributes to that – for a positive reason.” * “They want to work for those companies because they are cool!” Guest Links: * Neil Gaught & Associates (http://neilgaught.com/) Resources: * Merrill Lynch (ml.com) * Google (google.com) * Apple (apple.com) * The Essential 14–Day Guide to Cutting Your Working Hours and Increasing Your Impact (https://www.excellence-expected.com/cwh/) Key Timestamps: * 00:28 Podcast introduction * 00:40 Challenged issue * 00:47 Guest introduction * 03:05 Difference between brand and reputation * 05:13 Reputation and truth * 06:32 Which companies need to consider reputation * 08:20 Reputation in the marketplace * 11:53 Culture of service and value * 15:14 Internal impact