Building Corporate Reputation to Drive Business Performance
Published 2/13/2009
Author:
This paper reflects the collective thinking of Prophet leadership, and was spearheaded by Aneysha Pearce. Aneysha is an Associate Partner with Prophet, a global consultancy that helps senior management more effectively use brand, marketing, and innovation to drive profitable growth.
Summary
Does reputation matter? One way to answer this question is to understand “What advantage do companies with strong reputations have over others?” Harris Interactive1 aimed to answer this in its recent survey of over 20,000 people in the United States. The findings speak for themselves with over 60% of respondents saying they would “definitely purchase a product or service” from companies that were ranked as having strong reputations. Contrast that with those at the bottom of the ranking lists where only 5% are likely to purchase and/or recommend a product or service to others — and you can begin to see why reputation matters.
Reputation must be built. It must be supported and managed. And, it must be an authentic reflection of the business — its culture, value system, and behaviors. Businesses that expect to experience the kinds of success achieved by best-practice organizations will understand that truth. And they will create and live the kind of meaningful purpose that will allow them, too, to more effectively reap the benefits of a strong reputation.
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