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Best practice in reputation management in a causal reputation framework Kevin Money Director of The John Madejski Centre for Reputation, Henley Business School

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Page 1: Best practice in reputation management in a causal framework by Dr Kevin Money

Best practice in reputation management in a causal reputation framework

Kevin MoneyDirector of The John Madejski Centre for Reputation, Henley Business School

Page 2: Best practice in reputation management in a causal framework by Dr Kevin Money

www.henley.reading.ac.uk

Best Practice in Reputation Management: Placing Reputation in a Causal Framework The John Madejski Centre for Reputation and The Group Seminar: May 2010Dr Kevin Money, Director of the John Madejski Centre for Reputation

Page 3: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

Open with a question….

• Keep this as interactive as possible…

• Speak to your neighbour and try to answer the question.…

• Introduce yourselves, your hopes and fears for this morning and answer the question…

How do you measure and manage reputation in your organisation?

Page 4: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships4

Three important questions

• With WHOM?• Reputation for WHAT?• For WHAT PURPOSE?• Be specific!

Page 5: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 5

What Is Reputation?• You don’t own or control perceptions of

others• Reputation is a perception of character• Image is the view of the organisation held

by external stakeholders• Identity is the view of the organisation held

by internal stakeholders• Reputation is the sum total of image and

identity

Page 6: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 6

Reputation Convergence of Thinking

Accounting & Finance

Strategy

Marketing

Ethics

Human Resources

Organisation

Reputation

Competitive

Advantage

Branding Messagin

g

Social Responsibility

Identity &

Culture

Governance & Risk

Valuing Intangibl

es

Page 7: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

Reputation in a Causal Framework: Predicting Behaviours

• Money & Hillenbrand (2009)

Page 8: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

• Money & Hillenbrand (2009)

Reputation in a Causal Framework: Making the Business Case

Page 9: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 9

The Corporate Personality Scale

Corporate Personalit

y

Agreeableness

Enterprise

Competence

Chic

Ruthlessness

Machismo

Informality

Warmth, Empathy, Integrity

Modern, Adventure, Boldness

Conscientiousness, Drive, Technology

Elegance, Prestige, Snobbery

Egotism, Dominance

Non-culture, Tough, RuggedCasual, Simple, Easy Going

Page 10: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 10

Harris-Fombrün Reputation Quotient

Emotional Appeal

Vision & Leadership

Products & Services

WorkplaceEnvironment

FinancialPerformance

Social Responsibility

REPUTATION

Page 11: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

Rankings Are Not Reputations

Most Admired Companies

Best Companies To Work For

Industry Leaders

Best Business Schools

Samples

Indicators• Financial soundness• Use of assets• Investment value• Company results• Quality of products and services• Management• Capacity to innovate• Ability to retain high quality employees• Social environmental responsibility

Page 12: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

Management Today, UK’s Most Admired Companies 2009

1 ?2 ? 3 ?4 ? 5 ? 6 ? 7 ? 8 ? 9 ? 10 ?

Page 13: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

Management Today, UK’s Most Admired Companies 2009

1 BSkyB 2 Tesco 3 Johnson Matthey 4 Cadbury 5 GlaxoSmithKline 6 Rolls-Royce 7 BP 8 BG Group 9 Diageo 10 Cobham

Page 14: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 14

The SPIRIT™ Model

What we found:• Awareness is not enough• Satisfaction is not enough• Its BEHAVIOUR that counts!

Page 15: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 15

Dimensions of Business Choices: From Research with Stakeholders

DIMENSIONS OF Business Choices

Keeping Commitments

Listening

Material Benefits

Non-Material Benefits

Lack of Coercion

Termination Cost

Outside Influences

Informing

Page 16: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 16

Dimensions of Success: From Research With Business Leaders

DIMENSIONS OF SUCCESS

Retention

Extension

Advocacy

Lack of Subversion

Trust

Positive Emotions

?

Page 17: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 17

Stakeholder Performance Indicator (SPI)

DIMENSIONS OF SUCCESS

Retention

Extension

Advocacy

Lack of Subversion

Trust

Positive Emotions

?

DIMENSIONS OF Business Choices

Keeping Commitments

Listening

Material Benefits

Non-Material Benefits

Lack of Coercion

Termination Cost

Outside Influences

Informing

Page 18: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 18

Linking Business Choices and Success

•Linking business choices and success

•Understanding the underpinnings of success

•Recognising the warning signs

•Methodology is key: regression and structural

equation modelling

•Reciprocity

Page 19: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 19

Stakeholder Performance Indicator and Relationship Improvement Tool (SPIRIT)

DIMENSIONS OF BUSINESS CHOICES DIMENSIONS OF SUCCESS

Listening

Retention

Material Benefits

Non-Material Benefits

Lack of Coercion

Termination Cost

Outside Influences

Extension

Advocacy

Lack of Subversion

Trust

Positive Emotions

?

Keeping Commitments

Informing

Page 20: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 20

Linking Business Choices and Success

Practical examples from past and on-going research

1. Building Societies and the Mutuality Question

Page 21: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 21

Linking Business Choices and Success

1. Building Societies and the Mutuality Question

Page 22: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 22

1. Building Societies and the Mutuality Question

Success-Challenge

Staying Mutual

Business Choice What can be done to ensure that members support this strategy?

Research Question What drives people to support mutual status?

BUSINESS CHOICES SUCCESS

Communi cation

Retention

Material Benefits

Non-Material Benefits

Keeping Commitments

Lack of Coercion

Termination Cost

Extension

Advocacy

Lack of Subversion

Trust

Positive Emotions

Staying Mutual

Page 23: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 23

1. Solution: Mutuality Question

Solution Main Driver: Non-Material Benefits

• Access to local Branches

• Service

Business Implication • Customers: Keep local branches open

• Employees: Reward staff for staying in branches

BUSINESS CHOICES

Communi cation

Material Benefits

Keeping Commitments

Lack of Coercion

Termination Cost

Non-Material Benefits

SUCCESS

Retention

Extension

Advocacy

Lack of Subversion

Trust

Positive Emotions

Staying Mutual

Page 24: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

• Money & Hillenbrand (2009)

Reputation in a Causal Framework: Making the Business Case

Page 25: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships

CAUSES REPUTATION CONSEQUENCES

Reputation Model EXPERIENCES / OBSERVATIONS

BELIEFS FEELINGS / ATTITUDES

FUTURE BEHAVIOURAL INTENTIONS

Reputation Quotient

(RQ)

Fombrun (1996)

Vision &Leadership

Financial Performance

Social Responsibility

Products & Services

Workplace Environment

Emotional Appeal

Corporate Personality

Scale

Davies et al. (2003)

Agreeableness

Competence

Enterprise

Chic

Ruthlessness

Machismo

Informality

Satisfaction

SPIRIT Model

MacMillan, Money,

Downing and

Hillenbrand (2004)

Communication

Non-material benefits

Material benefits

Shared values

Keeping commitments

Coercion

Termination costs

Trust

Emotional commitment

Level of positive and

negative emotion

Advocacy

Co-operation

Extension

Retention

Subversion

Reputation in a Causal Framework:Integrating Approaches

Page 26: Best practice in reputation management in a causal framework by Dr Kevin Money

Reputation & Relationships 26

Take aways

•Experience builds reputation

•Reputation is linked to behaviours

•Reputation with whom? For What and For What Purpose?

•Being both Stakeholder and Values Led


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