GROWTH OF CORPORATE COMMUNICATIONS AND REPUTATION MANAGEMENT IN THE AGE OF IMC
Everything has changed dramatically since the past decade, be it the manner in which media operates, to who is a part of the media, manner in which investor relations are being affected by digital strategies, communication in crisis situation, managing business relationships or the business as a whole. Stakeholders today have a great control like never before. Today, a blogger can bring a giant company to its knees from any part of the world. Corporations should see this as an opportunity rather than a threat in order to sustain in this competitive world of today.
The power equation in the corporate world has shifted from a few elite business executives to those who were once passive audiences, including employees, consumers, media etc. This change in equation did not happen overnight. It occurred by a juggernaut of catalysts which left many without any strategies for surviving in this new and emerging business environment. The main catalyst for this change in power equation was the emergence of digital communications platforms, including blogs and social communities. These platforms were the main catalysts which changed the power equation of the corporate world and especially the manner in which communication is sent out.
Before the age of digitization, corporate reputation was shaped by one-directional messaging that the senior people in the organisation pushed down the corporate ladder and also to the stakeholders without any discussion. The most influential stakeholders are employees, customers, investors, media, analysts, lobbyists, activist groups, community members, analysts and non governmental organisations. Earlier, these people had limited interaction with corporate entities. The senior executives used to create messages for a specific group and that group used to receive these messages with limited or no means of reaction.
Now with the emergence of interactive...