The Power of Social Media and Its Infl uence on Corporate Reputation

Social media has had a tremendous impact on corporate reputation as organizations are investing more time, money, and resources into engaging and managing relationships with various stakeholders. As evidenced in numerous case studies, a reputation can be damaged in a matter of minutes, thanks to the community nature and rapid speed of information dissemination on social media. With this comes added opportunities and challenges for companies, and the biggest of both is corporate reputation. This chapter explores facets of corporate reputation as it impacts social media such as trust, transparency and engagement. It also discusses how organizations are measuring and monitoring social media accounts to draw insights that influence decision making. Finally, best and worst practices of various social media tools, including blogs, wikis, microblogs, social networking sites, and video-sharing sites, are included.