Ask any CEO of a major venue, event or sport; their organisation's reputation, its brands and its relationships are some of their most important assets. A loss of these can spell disaster for the business, particularly in a world of shrinking revenue's, participation rates and market share. So what are these issues and why are they important?A brand is a collection of associations connected with a service, entity or person. The brand is sometimes described by marketers as the personality traits behind a product or service. If we were talking about the personalities of a brand these traits might include:
- Their name, look, hairstyle and clothes, (i.e. a venue's name, logo and building presentation); and
- Their behaviours like a sense of humour and simple approach, (i.e. a sport that is fun and simple to use)
A reputation is based upon people's experience in using the brand. (i.e. whether the sport or venue is safe to use).
Our relationships are critical; with our customers who buy tickets, with our suppliers who are reliable, with the media who support us, and our industry who respects us.
Anything that threatens our brand, reputation or relationships is a risk to the business and should be taken seriously. A risk-based approach to image and reputational risk to manage these threats is important to identify and prioritise these threats and direct resources toward limiting the chance of the threat or its impact. This requires the risk management discipline to be applied to marketing and overseen by the organisation's Executive to understand the risks, and use tools like Enterprise-wide risk management and crisis management planning to help.