His novel won the Booker Prize and established his reputation. Your reputation is the general belief or opinion others have about you. If you are considered trustworthy and friendly, you have a good reputation. Some assets, such as land, buildings or machinery, are physical assets. Reputation capital is not a physical asset. Besides, it`s not even quantitative! This is one of the reasons why a discussion about reputation capital stagnates from the beginning. We don`t discuss so much one thing, but a lot of different non-things. News doesn`t have to be true to go viral. It took ten days for a rumor to spread around the world – in this case, news about Macron`s sexual orientation.
Reputation is not only linked to individuals. Brands also have a good reputation. This also applies to products and services. While your reputation may change without notice, there is no deletion of messages about your reputation. This is especially true in the digital age, where information simply does not disappear. It`s tempting to think that we control our reputation – that we can define what people think of us and how they react. And that`s true, but only to a certain extent. We control one aspect of our reputation, but holistically, reputation is not just who we are or what we do; It`s what people think about who we are and do.
So why do companies place so much importance on earning a five-star rating? Why do they complain about the single note of a star that destroyed their perfect five? Because these ratings are a powerful and quantifiable form of reputation capital that translates into higher revenues. Reputation is important to individuals because a favorable reputation brings us what we want in life – security, friends, self-esteem and happiness. There may be objective facts about you as a person, company or brand. For example, you are a woman. Your company employs 18 people. Their brand logo is a buffalo. Whatever. But these objective facts are not your reputation. Reputation goes beyond objectivity in the murky, unpredictable, volatile and phantasmagorical dimension of subjectivity.
One of Warren Buffett`s well-known quotes is: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about it, you will do things differently. Based on this definition of reputation, several things stand out: Since faith is such a powerful force, it`s easy to see why reputation matters. Faith dictates behavior. A consumer who believes that a business is a scam will not buy its products or services. A person who believes that a politician is corrupt will not vote for him. A neighbor who thinks you are a murderer will not befriend you. “James Woods has a reputation for not mincing words,” Breitbart wrote in September 2013. He did not have a good reputation in his hometown. In a business context, reputation is just as important, but the endgame is different. Most enterprising people agree that the purpose of a business is to maximize profits, according to the Friedman Doctrine.
We also briefly talked about how this approach differs from online reputation management. There is nothing more important than reputation for a company`s success. Hiring the right people, creating the right culture, designing the right brand images – all of this seems trivial compared to reputation. Reputational capital is arguably more important than financial capital. What came first, the reputation that allowed a company to gain financial capital, or the financial capital that allowed the company to build a reputation? Expressed in this way, it seems that a company`s reputation is of paramount importance to a company`s financial success. Reputation capital first. Financial capital in second place. Reputation is therefore a one-way street. We serve our own reputation based on the reputation we have from other people or companies. Reputation comes from the Latin word reputationem, which means “consideration”. It`s about how people look at you or label you – good or bad.
The reputation of the name can also mean “being known to have a certain ability or property”. For example, if you have a call in shovelling snow, your phone will soon ring with your lazy neighbors. This factoid serves to emphasize the metapoint: reputation matters. Due to the nature of news, the spread of news, and our human tendency to become channels for the most interesting news, everyone`s reputation is just one tweet away from extinction. This reality brings us to the second consideration of this article – the importance of reputation. There`s SEO to consider, keywords to research, algorithms to understand, backlinks to earn, and a host of other complex factors that contribute to the success of online content marketing. The entire field of online reputation management must deal with these complexities in order to protect, refine and repair the reputations of companies and public figures. In fact, everything you do, every press release you syndicate, every person you hire, every blog post you publish has an impact on your brand reputation. With information spreading at the speed of light, negative rumors spreading faster than neutral facts, and a reputation destroyed by a single tweet, today`s brands can`t afford to neglect reputation. Without a positive reputation, there is no healthy business. In the section above, I emphasized that reputation is a belief. Do not underestimate the power of faith.
Beliefs dictate behavior, and belief in reputation is a force to be reckoned with. Albertson will stop at nothing to protect the university`s reputation. If a “rap” is a “negative reputation”, what is the charge against the “representative”? Clark had a reputation for arrogance and recklessness. And although the reputation scandal is at an all-time high, the concept of reputation is widely misunderstood. For reputation, the attainment of lexical appreciation begins in 14th century Middle English in the character of a reputation which is a borrowing from an Anglo-French word with meanings similar to the English word (referring to things like celebrity, distinction, good name or character estimation). Anglo-French comes from the Latin “reputation”, “reputatio”, which means “consideration”, and finally from “reputare”, “to calculate or think”. This Latin verb associates the well-known prefix “again” with the verb putare (“to calculate”). Famous celebrities of the putare family include the verb repute (“to believe or consider”), the identical noun (synonymous with reputation), serious and alleged adjectives, and the alleged adverb.
Other putare cousins of notoriety are controversial, unsavory, imputed and supposed, as well as their relatives. It is important to note that reputation and character are different. The “reputation” of an entity (person or thing) is the evaluation of how a person or community (their mood) thinks about a person`s character. Character is a combination of real characteristics that the entity carries. As individuals, customers are interested in maintaining their personal reputation when dating businesses or interacting with other people. For example, a person may want to protect their reputation as friendly humanitarian aid by not doing business with a restaurant owner who serves meat raised in inhumane conditions.