EpiPen Crisis Shows How Reputational Risk Can Impact the Value of a Company

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One has to wonder when the leaders of Mylan, the maker of EpiPens, became aware that their decision to raise the cost of the life-saving medication turned into a risk to its reputation and its bottom line. From what we can see as outsiders, the answer is “too late.” It appears they were blind to the potential side effects of raising the cost of EpiPens by 550 percent over eight years, unaware that it could be a potential trigger for strong consumer backlash that could turn into a reputational risk.  > read post

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2016 trends: Reputation Management is a Journey

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As I mentioned in my introductory post to our 2016 trends series, reputation management should be considered a marathon, not a sprint. There’s no quick fix. It requires long-term commitment to strategy and demands a level of organizational alignment that can only be achieved through intentional planning, monitoring and evaluation.

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2016 Trends: Two Key Reasons to Engage Stakeholders: Number and Influence

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The year ended and started with two contrasting views on stakeholder engagement. We define stakeholder engagement as listening to and then having ongoing, open dialogue with those impacted by the decisions and actions of an organization, in order to understand their expectations. The Reputation Institute predicts stakeholder engagement will become increasingly more important over the next five years, with the number of stakeholders expanding and their roles increasing in strength. On the opposite end of the spectrum, Lake Superior State University listed “stakeholder” as a word that should be banned in 2016 because it’s “being over-used in business to describe customers and others,” instead of simply “describing someone who may actually have a stake in a situation or problem.”

I disagree. Customers and “others” are the very groups impacted by the decisions and actions of an organization – and in turn, can impact the organizations themselves. > read post

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How to Build a Stronger Reputation in Two Steps

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Why do people choose one company over another? While price, quality and promotion are appealing, they may not be enough. Consumers are far more likely to purchase products from companies they like and trust, and avoid buying products from companies they don’t. In a 2015 survey, 63 percent of consumers said they would not buy a product from a company they did not trust.

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