The difference between a good and bad reputation can have a huge impact on consumers’ purchase and recommendation likelihood, according to the latest annual Global RepTrak® 100 report from the Reputation Institute. So what does it take to create and sustain an excellent reputation?
The report identified 23 reputation factors, ranking them on an index basis, where 100 is average. Just 7 factors over-indexed – with these factors explaining 40% of reputation, per the analysts.
Each of the top 4 factors was product-related:
- Offers high quality products and services (index: 160);
- Good value for money (132);
- Meets customer needs (128); and
- Stands behind products (126).
It’s notable that by far the biggest factor in corporate reputations is the perception of quality. Recent research has shown that product quality is the key determinant of brand loyalty, and CMOs indeed continue to believe that superior quality is the single biggest priority for their customers. Similar research on reputations has likewise found that products and services have the tightest connection with reputation. Read the rest at MarketingCharts.com.