The Developer's Digest, January to March 2016 Issue
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HAVE YOUR SAY<br />
CORPORATE REPUTATION<br />
By Thrity Engineer- Mbuthia<br />
www.brandeffectsea.com<br />
Reputation is defined as the beliefs and opinions<br />
held about someone or something. For a corporate<br />
organization, it is the image that one has of a<br />
particular entity. It is an intangible asset, one which<br />
is extremely difficult <strong>to</strong> measure but critical <strong>to</strong> have.<br />
Dr. Marietjie <strong>The</strong>ron - Wepener, marketing and<br />
stakeholder relations direc<strong>to</strong>r at the University of<br />
Stellenbosch Business School has written an article<br />
entitled, ‘Corporate Reputation – build it, guard it,<br />
gain from it.’<br />
She talks of the importance of trust, which is a<br />
major element in building a good reputation. <strong>The</strong><br />
trust primarily exists between the organization and<br />
its cus<strong>to</strong>mers. Generally speaking, cus<strong>to</strong>mers make<br />
decisions <strong>to</strong> buy products from reputable companies,<br />
companies they can trust and rely on.<br />
This would not be more important than in the<br />
construction and property development industry.<br />
Property development is a very investment - heavy<br />
field where millions of shillings are involved. Buyers,<br />
inves<strong>to</strong>rs and clients alike are all focused on getting<br />
value for money.<br />
A buyer of a residential property is looking at how<br />
reputable the construction company is, in order<br />
<strong>to</strong> ensure he gets a house that is well finished and<br />
meets his expectations. Who would want <strong>to</strong> buy a<br />
residential property from a developer who is known<br />
<strong>to</strong> take short cuts and installs sub - standard fittings?<br />
Similarly, the client wanting an extension of<br />
classrooms at a university is keen on time of<br />
completion of project, quality of work done, safety<br />
and one that can produce a return on investment as<br />
fast as possible.<br />
In the same light, inves<strong>to</strong>rs who are putting in<br />
financial muscle in<strong>to</strong> development projects are also<br />
looking for return on investments, hoping that these<br />
returns will not only be within market rates but can<br />
beat market rates.<br />
Again, this is only possible by guarding one’s<br />
reputation, and being able <strong>to</strong> command high prices<br />
in an environment where everyone is looking for the<br />
best possible deal.<br />
So how does one build a good corporate reputation?<br />
Here are seven tips <strong>to</strong> help you get started.<br />
1. Be known for quality work, and let your<br />
satisfied cus<strong>to</strong>mers be your ambassadors.<br />
Word of mouth is extremely powerful and you<br />
should request for recommendations from your<br />
happy clients. Use these recommendations<br />
on social media as you build your brand and<br />
organization reputation.<br />
2. Honour your promises – stick <strong>to</strong> timelines<br />
and be known for achieving timely project<br />
miles<strong>to</strong>nes and project completion.<br />
3. Invest in marketing your organization<br />
and not just your projects. You need <strong>to</strong> build a<br />
powerful brand as a developer as a long term<br />
strategy, such that once your organization<br />
is well known, the brand equity developed,<br />
works in your favor for all projects.<br />
4. Use digital media especially social media.<br />
It is estimated that there are over 4.5million<br />
Facebook users in Kenya. Social media is a<br />
powerful <strong>to</strong>ol <strong>to</strong> not only create visibility but<br />
also pass on information, and build credibility.<br />
Get a reputable expert <strong>to</strong> help out in order<br />
<strong>to</strong> fully maximize opportunities from social<br />
media.<br />
5. Use communication <strong>to</strong>ols like PR <strong>to</strong> ensure<br />
that corporate social activities are not only<br />
done but also shared with stakeholders. Giving<br />
back <strong>to</strong> the community gives an organization<br />
a positive reputation, showing the care and<br />
concern it has for the less fortunate in society.<br />
6. All organizations are in business <strong>to</strong> make<br />
profits. Make the profits in an honest way.<br />
In the short term, it may seem more profitable<br />
<strong>to</strong> put up a block of single room apartments<br />
with no windows and shared bathroom<br />
facilities in order <strong>to</strong> contain costs. Ask yourself<br />
what that is doing <strong>to</strong> your reputation – would<br />
you really want <strong>to</strong> be known as the developer<br />
who has no empathy for human beings, no<br />
ethics or no values?<br />
7. Another way of building corporate reputation<br />
would be <strong>to</strong> participate in industry forums,<br />
volunteer for leadership positions within<br />
these forums and increase the brand equity.<br />
Get known and be known for the values that<br />
build a positive reputation.<br />
<strong>The</strong>se are just some of the things that one can do<br />
<strong>to</strong> build corporate reputation. One thing is for sure,<br />
as much as reputation is an intangible asset, it can<br />
be a key fac<strong>to</strong>r in cus<strong>to</strong>mers interacting with you or<br />
shunning you. Good corporate reputation acts as a<br />
competitive advantage, and having a competitive<br />
advantage means you are one step ahead of your<br />
competi<strong>to</strong>rs. Just what you need for growth and<br />
success. What are you waiting for? Build your<br />
corporate reputation and stand out from the crowd!<br />
Thrity Engineer - Mbuthia is a marketing and communication<br />
specialist with over 18 years experience in sales and<br />
marketing. She is a Chartered Marketer and a Fellow of the<br />
Chartered Institute of Marketing. She is also a faculty member<br />
at Strathmore University. She is passionate about helping<br />
SMEs maximize on opportunities by applying marketing<br />
strategies and <strong>to</strong>ols. Her other passion is writing articles and<br />
coaching.You can reach her on thrityengineerconsulting@<br />
gmail.com.<br />
BRIGHTEN UP<br />
YOUR IDEAS<br />
LET THEM<br />
FLY HIGH<br />
Corporate branding that creates unique<br />
identities that foster recognition and inspire loyalty<br />
email: info@brandeffectsea.com web: www.brandeffectsea.com<br />
tel: +254 020 211 0780 / +254 020 211 3096 cell: +254 722 352 350<br />
Kenya Property Developers Association... Development brings Development!<br />
Kenya Property Developers Association... Development brings Development!<br />
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