What is Radically Transparent? Why Reputation Management and Monitoring?

Posted by Bling-Bling Tuesday, May 25, 2010 9:08 AM
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What is Radically Transparent?
Radically transparent means being open and honest online, admitting mistakes, engaging stakeholders in discussions about you and your brands, and even revealing your internal processes. There is little censorship in the world of online social media – the community values raw truth. The internet community immediately comes down hard on those who employ conversation spin, control, manipulation, or spam. Anonymity is discouraged, and nearly all post to a conversation includes the real identity. On this new playing field, you need to be authentic or someone will discover the truth and you’ll be exposed to millions. Astute companies, such as Wired Magazine and Dell Computer, are taking it a step further and being radically transparent by revealing their internal processes. They engage customers, listen to them, make changes in company procedures and products, and report back in open forums via social media. 





Why Reputation Management and Monitoring?
Traditional word-of-mouth has long been considered one of the most powerful of market forces, and the social media made it public. “What’s new is the extent to which consumer opinion drives reputations,” said Andy Sernovitz in Fast Company. “ A third of the population has reviewed something online, and any of those reviews can be read by millions of people.” Social media are like word-of-mouth on steroids. Consider the following compelling facts:
  • Ninety-five percent of chief executives believe that corporate reputation plays an important role in achieving their business objectives, according to a survey by PR firm Burson-Marsteller.
  • Sixty-three percent of a company’s market value is attributable to reputation, according to PR firm Weber Shandwick.
  • The top 10 “World’s Most Admired Companies” enjoy a total shareholder return of nearly three times that of the S&P 500 as a whole (18.5 % versus 7.1%), says The Hay Group, a global marketing consultancy and Fortune magazine partner.
You may already have a reputation management plan in place, or perhaps a plan to repair your reputation during a time of crisis. If so, does it include monitoring the internet for rumors and capitalizing on the social media to build your good name online? The people who trust each other more than they trust you will write about you online the minute you make an error. This book will show you how to detect this conversation or find the images immediately; tell you whether, when, where, and how to respond; and give you step-by-step instructions on engaging with stakeholders online in reputation-building ways.

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