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Crisis puts reputations under pressure

The value of effective stakeholder management
Crisis puts reputations under pressure
Publ. date 16 Jul 2009
The McKinsey Quarterly edition of June 2009 carries the article “Rebuilding corporate reputations” which again underlines the value of effective stakeholder management. The top 3 priorities they indicate when dealing with stakeholder management are:
  1. Finding the facts on key stakeholders: This includes determining the key stakeholders and measuring expectations and performance;
  2. Focus on what is important to them: Based on the data conclusions are drawn to determine which actions are important with regards to the key stakeholders and how to incorporate them in the existing communication strategy;
  3. Try to influence through methods that go beyond traditional PR: Here the emphasis is on two-way communication.
An approach that is often used by Finch & Beak to increase the customers understanding of the playing field in which they are active is “Bridging the Gap”; in an interactive session the perspective of the key stakeholders is taken to see what has to be achieved, what the most important barriers are that have to be dealt with, and which concrete steps can and have to be taken in order to proceed from here – an approach that effectively combines stakeholder- and change management.
 

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