Winning back confidence in the face of the crisis, and managing that trust in the changing environment of the digital age - Ecosistema de conocimiento de Corporate Excellence
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Communication

Insights October 2012

Winning back confidence in the face of the crisis, and managing that trust in the changing environment of the digital age

In times of uncertainty, confidence is undermined – causing widespread doubt and scepticism in public opinion. In today’s environment, countries and firms are trying to recover the support that has been lost. They are also attempting to manage that confidence in a new and as yet partly unknown digital context. 

The causes behind the sharp drop in confidence in the main social institutions (governments, leaders and companies) can be found both inside and outside of those institutions. Some of those causes are short-term, while others, in the worst cases, are structural. What is clear is that all those causes negatively affect the reputation of those institutions. While a good reputation helps countries attract more tourists and investment (a 10% increase in reputation implies and 11% jump in number of tourists and a 2% rise in investment) -along with higher sales and more talent- this correlation is at least as strong if not more so in the opposite direction.

This document has been prepared by Corporate Excellence – Centre for Reputation Leadership. It has cited, from among other sources, speeches by Mónica Reyes, Head of research at the Reputation Institute in Spain, Javier Noya, Head researcher at the Elcano Royal Institute, Reyes Calderón, Dean of the School of Economics and Business at the University of Navarra, Alberto Relaño, Digital Manager at TNS España, and Adolfo Corujo and Iván Pino Zas, Managing Partner and Manager, respectively, of Online Communications at Llorente & Cuenca, delivered at the Escorial Summer Course “Recovering Confidence. The Reputation Economy in the New Business Paradigm”, organised by Corporate Excellence – Centre for Reputation Leadership together with the Madrid Complutense University, on 16 and 17 July, 2012.