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The Economics of Reputation
1.
2. • 114 members of the PRCA’s database:
• 55 in-house professional, 52 agency side, 4 freelance, 3 other
• 52% male, 48% female
• Senior respondents: average age 44; average of 16 years in the industry
Head of
department/te
am, 45%
In-House (55)
Other, 20%
Director, 35%
Partner/owner,
61%
Other, 17%
Director, 22%
Agency (52)
3. How much do you believe your/your clients’ Board of Directors thinks reputation is linked to the overall financial
performance of your/their organisation?
Very strong
33%
Base: All respondents (114)
Reasonably
strong
43%
Reasonably
weak
17%
Very
weak
7%
Net: Strong link
76%
Net: Weak/No link
24%
4. “In three years reputation has moved from vanity - pretty
much just seeing ourselves in the papers - to one where
reputation issues account for one third of our strategy
and business plan.”
In-house, Head of Department, transport sector
5. (open response)
“I agree that an enhanced reputation builds trust in your business/product. This leads to more prominence in the market
place, increased sales and more influence.” In-house, Head of Department, 20+ years of experience
“If reputation is everything you say, everything you do and everything others say about you, I'd say it affects every
aspect of your business.” Partner of multi-client agency
Base: All respondents (114)
6. Which three of the following 16 do you think are most directly linked to an improvement in corporate reputation?
Top 3 shown
34%
41%
61%
Ability to recruit and retain the best staff
More positive media coverage
Greater likelihood of receiving benefit of the
doubt from stakeholders if reputational
damage incurred
Base: All respondents (114)
7. Which three of the following do you think are most directly linked to an improvement in corporate reputation?
Ability to recruit and retain the best staff
Greater likelihood of receiving benefit of the doubt from stakeholders if reputational
More effective marketing/sales activity
Greater influence on Government
Higher profitability
Higher sales levels
Higher quality commercial partnerships
Higher share price (if a listed business)
Higher pricing of products
Ability to operate more easily outside the domestic market
Improved financial ratios such as return of capital employed, earnings per share
Base: All respondents (114)
1%
0%
0%
0%
4%
4%
4%
9%
15%
13%
19%
24%
24%
24%
34%
41%
61%
Ability to raise capital or borrow money at better rates
Negotiation of more favourable terms with suppliers
More effective/better priced acquisitions
Greater celebrity endorsement
Don’t know
damage incurred
More positive media coverage
Doing business
External affairs
Financial
8. Which three of the following do you think are most directly linked to an improvement in corporate reputation?
Ability to recruit and retain the best staff
More positive media coverage
Greater likelihood of receiving benefit of the doubt
from stakeholders if reputational damage incurred
More effective marketing/sales activity
Base: All respondents (114)
29%
22%
29%
18%
25%
15%
37%
39%
66%
13%
33%
25%
45%
56%
Greater influence on Government
Higher profitability
Higher sales levels
In-house
Agency
Doing business
External affairs
Financial
9. Which of the following, if any, do you generally think of as direct benefits to a business that enjoys an enhanced reputation?
Which three of the following do you think are most directly linked to an improvement in corporate reputation?
Ability to recruit and retain the best staff
More positive media coverage
Greater likelihood of receiving benefit of the doubt from stakeholders if
reputational damage incurred
More effective marketing/sales activity
Greater influence on Government
Higher profitability
Higher sales levels
Higher quality commercial partnerships
Higher share price (if a listed business)
Higher pricing of products
Ability to operate more easily outside the domestic market
Improved financial ratios such as return of capital employed, earnings per share
Ability to raise capital or borrow money at better rates
Base: All respondents (114)
4%
4%
4%
1%
0%
0%
24%
24%
19%
13%
9%
15%
24%
34%
41%
61%
33%
26%
29%
22%
37%
22%
50%
44%
64%
65%
51%
65%
75%
75%
92%
87%
Negotiation of more favourable terms with suppliers
More effective/better priced acquisitions
Greater celebrity endorsement
Any
Top 3
Doing business
External affairs
Financial
10. Which of the following, if any, do you generally think of as direct benefits to a business that enjoys an enhanced reputation?
Ability to recruit and retain the best staff
More positive media coverage
Greater likelihood of receiving benefit of the doubt from stakeholders if
reputational damage incurred
More effective marketing/sales activity
Greater influence on Government
Higher profitability
Higher sales levels
Higher quality commercial partnerships
Higher share price (if a listed business)
Higher pricing of products
Ability to operate more easily outside the domestic market
Improved financial ratios such as return of capital employed, earnings per share
Ability to raise capital or borrow money at better rates
Negotiation of more favourable terms with suppliers
Base: All respondents (114)
33%
34%
32%
31%
41%
29%
36%
67%
61%
55%
56%
66%
75%
73%
73%
59%
81%
76%
83%
92%
93%
27%
16%
11%
40%
25%
15%
31%
56%
42%
69%
91%
More effective/better priced acquisitions
Greater celebrity endorsement
In-house
Agency
Doing business
External affairs
Financial
11. q12. Which of the following, if any, do you generally think of as direct damage to a business that suffers from a poor
reputation?
29%
43%
38%
45%
61%
61%
55%
63%
81%
76%
Inability to recruit and retain the best staff
More negative media coverage
Lower sales levels
Greater likelihood to not receive benefit of the doubt
from stakeholders if incur reputational damage
Less effective marketing/sales activity
Less influence on Government
Lower profitability
Poorer quality commercial partnerships
Lower share price (if a listed business)
Inability to raise capital or borrow money at better rates
Base: All respondents (114)
12. Against which of these, if any, is the performance of your Communications team measured?
Base: All respondents (114)
24%
20%
15%
34%
31%
25%
56%
80%
18%
27%
20%
45%
53%
87%
More positive media coverage
More effective marketing/sales activity
Greater influence on Government
Higher sales levels
Ability to recruit and retain the best staff
Greater likelihood of receiving benefit of the doubt
from stakeholders if reputational damage incurred
Higher quality commercial partnerships
In-house
Agency
Doing business
External affairs
Financial
All others below 10%
13. How much do you think each of these groups believes day-to-day management of your/their corporate reputation
affects the organisation’s bottom line?
14%
31%
41%
56%
25%
68%
47%
47%
39%
23%
36%
24%
CEO
CFO
CMO
Board
Senior managers
General staff
Large amount Reasonable amount
Base: All respondents (114)
14. q15 To what extent do you agree or disagree with each of the following statements?
9%
4%
3%
25%
49%
21%
29%
33%
15%
38%
51%
37%
39%
19%
10%
20%
26%
16%
35%
2%
2%
6%
3%
4%
5%
CEO/ leader is big supporter of PR
Crisis communications PR plan tested in last 12
months
We/my clients are relatively weak on social
media compared to competitors
Employees comms more important than
external comms
Senior management care less about journalist
criticism than they used to
Strongly agree Slightly agree Slightly disagree Strongly disagree DK
Base: All respondents (114)
15. YouGov research for the BDO/QCA Sentiment Index, July 2014:
• Of 119 listed small & mid-cap business, 44% have experienced internet allegations or rumours
• 71% were on bulletin boards or discussion forums, 49% on blogs and 41% on social media
• Effects of the allegations or rumours:
Positive impact Negative impact
Share price 7% 28%
Employee morale 6% 32%
Investor confidence 3% 37%
• 79% of those who have not yet experienced online allegations or rumours worry it will impact
their share price at some point
16. • Industry believes there is now a strong connection in senior management’s mind
between reputation and financial performance, but still a bit of a struggle with the CFO
• Enhanced sales is the most spontaneously mentioned bottom line benefit of an
enhanced reputation but ability to recruit and retain the best staff is the most chosen
general business benefit
• In-house cite less direct benefits of an enhanced reputation than agency professionals
• Few businesses assess PR’s performance with key financial metrics, though ‘more
effective marketing and sales activity’ cited by half and higher sales by a quarter, but
positive media coverage is by far the leading measure