A Good Reputation is Everything

Customer retention and succeeding in business rely strongly on the consumer’s perception of you and the way you go to market.

A recent Forbes article shared statistics gathered in a survey of 4,719 consumers conducted by The Reputation Institute. The consumers were asked to share their opinions of the 150 largest U.S. corporations.

The top ten list included:

1. Walt Disney Co.

2. Intel

3. Amazon.com

4. Kraft Foods

5. UPS

6. Johnson & Johnson

7. General Mills

8. Deere & Co.

9. Coca-Cola Co.

10. Dean Foods

Each of these is a well-known brand that provides a popular product or service. But it’s not just the quality of the product, but the quality of service the brand provides, that that brings them to such a high ranking in the list. It is the support and experience that the company provides that earns them their reputation as a top brand.                                                     

In the survey, four emotional indicators were used: trust, esteem, admiration, and good feeling. How do you evoke those emotions in your customers with your company’s service and culture?

The Reputation Institute also studied several dimensions of corporate reputation to learn how they were perceived: workplace, governance, citizenship, financial performance, leadership, products and services plus innovation. Where do you excel in these are and why? Where could you improve and how?

Number eight on the list is a brand from our own industry. While John Deere may not be popular with all dealers, they have proven their status among the end users. What do you think John Deere is doing right to have this reputation with consumers? How do you think you could implement their practices in your own business?

This article really reminds us that the success of your business relies strongly on the consumer’s perception of you and the way you go to market. Visit the Business Management section of our website for company profiles, management articles, videos and podcasts that can help you rank highly with customers.

Read the Forbes article here.