23.02.2017 Views

The Developer's Digest, January to March 2016 Issue

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

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 />

3<br />

4

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!