It's known as a 'soft' topic but reputation is everything to brands. A recent report cites:
“For those with excellent reputations, 76% of consumers say they would definitely buy their products, compared with just 4% of consumers who would do the same for companies with poor reputations.”
For some companies, their history is inextricably linked with issues. But it’s never too late to start to lay foundations for a better future. It’s not an overnight process and sometimes it takes years to start changing perceptions, but it’s essential. For Amway we introduced Britain’s Top Real Role Model concept looking for entrepreneurs in the UK who are doing excellent work and the whole ethos of the direct-selling company is now based around entrepreneurship. They focus on it at every level of their business; to use a hackneyed phrase ‘they walk the walk’.
It takes vision and buy-in from the top but as business becomes increasingly transparent, it’s not an option. It’s essential.
“It’s not enough to have a strong and appealing product brand; you need to be seen as a company who cares about the people in the local market. “People are looking for companies to be active partners in solving their issues; this requires local investments, strong and authentic communications, and the willingness to think long term to build the relationships needed to win trust and support. You can’t just look at your export market as just another sales office; you have to engage with the people in the country and show your face as a company and not via a product campaign alone.