EFFECTIVE CRISIS MANAGEMENT AND ORGANIZATIONAL PROFITABILITY
For any company that considers customer satisfaction as the bedrock of long-term profitability, crisis management is one inevitable aspect to consider. As much as we understand that human emotions might be difficult to comprehend which sometimes makes it almost impossible to satisfy everybody, organizations must map out strategies to deal with customer reactions that may pose a threat to the reputation of the company or brand. Crisis management for a company is a way the company handles an unfavourable event that tends to harm the reputation of the organization or brand and it is left to the organization to either handle it proactively or come up with an effective response strategy.
Looking at it in the practical sense, in other for crisis management to be effective, it has to be proactive and one way to achieve this is by carrying out quality research into issues mostly faced with products similar to the products yet to launch to the market and communicating clearly and transparently how these products should be used and if there is any differential factor, it should be stated in clear terms, and if the company decides to take the reactive approach of managing negative reactions from customers, there is a need to note that if the issue is not handled with intelligence and swift response, it can cause a public embarrassment on the company brand because social media has allowed every individual the opportunity to air their opinions to a large audience. To tackle any negative reaction that might arise on any social media platform or any media platform whatsoever, it would be a smart move for the organization to come up with ready-made responses to negative reactions that may arise and prepare to act swiftly to protect the image of the company.
The sustainable profitability of any company depends on how well they can uphold the brand integrity and drive their stakeholders to achieve stated goals and one basic fact about brand management is that if the members of staffs of an organization are well aware of the risk involved in coming up with products, they will go the extra mile to protect that brand, mostly when benefits are in it for them. Going by the basis, companies should actively train their staff at all levels to get them well informed and ready to tackle any issue that can damage brand integrity.