Devoted to Managers and those that seek to improve their management skills

"Once you have a great product, it is essential to protect its reputation with vigilance."

There's one thing about business, competition and the media: they aren't always complementary to one another. Many times they may not be accurate or honest either.

The result of this is Branson says that we must "protect its reputation with vigilance."

The practicals of that protection are that it is his chief priority when doing business in the morning.

Branson says, "As a result, every day I receive a bundle of press cuttings - everything that mentions Virgin. These cuttings - and staff letters - are what I read first in the morning." 

Unfortunately a business or product can be destroyed based upon lies or half-truths. I've seen it happen first-hand to a great business.

It seems that the key in this area is not waiting too long to respond to what is really being said about your product. Many times silence can be equated with quilt. Or, people may start believing what is said because they're only hearing one side of the story, which to them means it's true.

We can't underestimate the importance of this. Even local businesses can come under this type of attack, and there it can be especially hard and hidden. Many times it's not in the media but through local conversations. Something that isn't always that easy to pick up on.

One way we can do our business intelligence here is to keep our nose to the ground and listen carefully to our customers. Many times you'll hear them talking or wanting to tell you what's being said out there. Your most loyal customers will tell you things, but you've got to be careful not to push too hard.

Either way, once you find out what is being said, make sure that if it poses a significant threat that you answer it. It doesn't always have to be a direct answer where you get into a public battle. It can be more effective if you get your story out there and let the truth be known.

A great product and brand will definitely need to be defended at some time. Have a plan in place to respond when that time comes.

Other Richard Branson Resources:

Branson on Branson

The Gonzo Way of Branding

Richard Branson's Virgin Success

Thoroughly postmodern billionaire
 
Richard Branson's latest adventure will take Virgin into space

Richard Branson - Life - Philanthropy - Money

Richard Branson, Business Personality

Personal quotes

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