The damaging media spotlight
Luke Johnson wrote in this Tuesday's FT about the damaging effects of the media spotlight when it is unleashed in anger. He highlighted some interesting opinions about reputation but appeared to miss the point on media crises and the long-lasting effects they have on companies.
Contrary to his article, the effect of a media mess-up can easily destroy a company, perhaps even more so in the B2B space. The colossal amounts of money spent in B2B industries makes people a lot more diligent in their selection of suppliers. A whiff of malpractice, failure, or underhanded tactics, in the press, will quickly see a supplier struck-off any procuremrnt list.
The fact is that bad press stays with a company for a long time; interminably now with Google news cataloguing just about everything on the web. In the consumer space, as with his Bernard Matthews example, sometimes price comes to triumph over opinion but this is rare. The oft-cited example of Ratner’s Jewellers, destroyed by derogatory comments of its owner, is a clear example of a media crisis turned business disaster.
It’s important for public facing businesses to recognise the reputation risks that are out there. Don’t stop talking to the press, just put the measures in place to respond appropriately when things go pear shaped.