When listing down your company's assets, you mention all tangible assets. But you miss out on listing the intangible assets. Reputation is the most valuable intangible asset you should consider. Your reputation can either make or break your customer base and your sales.  It takes years to build a good brand reputation. You should take a step forward to consult reputation management specialists.

They devise an effective strategy to build and manage your brand reputation. Crisis communication is the most important aspect of reputation management. If you fail to deal with crisis communication, you lose the brand reputation you spent years building. The following are the various crises you should be wary of:

Product or service crisis

This crisis is the most common your company could face. Let us take a simple example to understand this better. Suppose you are a smartphone brand. You have recently launched the much-awaited smartphone of the year. Several customers order the phone on the launch day itself. However, you receive complaints about overheating. Your reputation takes a hit, and your sales drop.

You should devise a good crisis communication plan to tackle such a setback. Firstly, put out a notice about the reason for overheating and tips to prevent it. Furthermore, mention the steps you want to take to solve the issue entirely. This is necessary to ensure the customer's safety and bring back the sales.

Organisational crisis

Organisational crisis is also common amongst companies. It could be your CEO who faced hit and run, harassment, or other legal charges. When the company's leadership is questioned, your reputation goes for a toss. You need to step up and address the matter before your competitors take advantage of this situation. Call for a press conference or send a press release stating that you are considering the matter. 

Technological crisis

In the modern world, technological crisis is highly prevalent. If you are an e-commerce business, your server could crash, or you may face a data breach. Both situations are tough to cope with. In such cases, your customers expect prompt response. Having a crisis communication plan makes things easier.

Crisis communication brings in preparedness planning. You know what you should communicate to your customer, helping you cope with the setback.

Financial crisis

Facing a financial crisis can be pressurising. Your house gets attacked. Your company's credibility gets compromised. The only way is to be transparent before the public. You need a crisis communication plan in such a situation. It helps you address the public with clarity. This happens by stating facts and putting unnecessary rumours to rest.