A strong brand foundation creates value
It was a great pleasure to speak at Paltan’s breakfast event about the mechanisms of reputation-building in a digitalizing business environment. Thank you to the knowledgeable audience for the wonderful discussion!
Below are the main points of my speech. At the end, you’ll find a link to a longer version published on Paltan’s blog.
The digitalization of the economy has made intangible assets, such as reputation, increasingly important in business. However, reputation is not an end in itself. What matters is that reputation has a strong correlation with stakeholder support—that is, with purchasing decisions and the willingness to recommend a product or service, for example.
However, the decision to buy or recommend a product requires strong confidence in the company’s ethics—that is, in the acceptability of its practices. If you cannot approve of the company, you will not buy the product.
A compelling story plays a key role in establishing a company’s ethos. A story that builds reputation must be carefully crafted. A good narrative takes into account major economic trends, developments in the industry, and the company’s strengths in relation to customer expectations and competitors’ actions. Finlayson is a prime example of a company that has successfully built its ethos and narrative.
Don’t jump into marketing and communications before conducting a proper reputation analysis and developing a reputation plan. You’ll just be wasting money. First, build a strong reputation foundation. Only then can you expect a return on your communications and marketing investments.
– Jirimiko Oranen, CEO, T-Media Relations
- Read more on Paltan's blog
CEO, T-Media Relations
+358 40 756 6655
jiri@reptrust-staging.fi-p.seravo.com
