More talk about measurement & reputation
Seems like everyone's talking about measurement - how to measure the value of PR, how to measure the value of reputational and relationship capital etc.
My colleague Glenn, has an interesting post about a case study at a recent conference that discussed how United Technologies measures intangibles like like leadership, human capital, technology, reputation, familiarity and favorability.
This was very much the theme of a a Reputation Management workshop I attended yesterday at the Chartered Institute of Public Relations.
Jon White, the lecturer was talking about how accountants have always been able to determine the value of "goodwill" of a company (which, crudely, is the market capitalisation minus the value of the physical assets), but that we somehow need to be able to break down the remaining chunk into elements like human capital, intellectual capital, reputational capital and relationship capital.
Relationship capital, he said, was the value of the relationships the organisation formed with its various sets of stakeholders. And that's where he felt PR people could most definitely add to the value of their organisation.
The challenge to me still seems to be around how you actually put a value to a relationship with an individual, group or entire set of stakeholders - I believe the concept is spot on, but I think many companies and PR professionals are still struggling to do this on a practical level.
It will be interesting to see how it evolves.
My colleague Glenn, has an interesting post about a case study at a recent conference that discussed how United Technologies measures intangibles like like leadership, human capital, technology, reputation, familiarity and favorability.
This was very much the theme of a a Reputation Management workshop I attended yesterday at the Chartered Institute of Public Relations.
Jon White, the lecturer was talking about how accountants have always been able to determine the value of "goodwill" of a company (which, crudely, is the market capitalisation minus the value of the physical assets), but that we somehow need to be able to break down the remaining chunk into elements like human capital, intellectual capital, reputational capital and relationship capital.
Relationship capital, he said, was the value of the relationships the organisation formed with its various sets of stakeholders. And that's where he felt PR people could most definitely add to the value of their organisation.
The challenge to me still seems to be around how you actually put a value to a relationship with an individual, group or entire set of stakeholders - I believe the concept is spot on, but I think many companies and PR professionals are still struggling to do this on a practical level.
It will be interesting to see how it evolves.
posted by Venti at 5:09 PM
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