A good reputation is key to survival for companies and can enable a company to stand out against its competitors.
With online platforms and social media enhancing discussion and taking word of mouth to the next level, reputation has never been so important.
Research has found that a company’s reputation is worth over a quarter of their overall value, yet only 31% view corporate reputation as a vital component within a business.
In 2015 alone we saw a number of high profile reputational crises, such crises have illustrated the impact a damaged reputation can have on a business.
Global Rep Trak
This March, leading consulting and advisory firm for reputation, Institute commissioned research into the study of the 100 most highly regarded companies across 15 countries.
Over 61,000 consumers were questioned. Overall, the study outlined the importance of reputation and how brands and companies should both acquire and look to retain.
The infographic based on the findings from the report shows that there is a significant and clear positive correlation between the impact of reputation and support.
The top 100 were then whittled down to the top 10 here are the 5 most highly regarded companies in terms of reputation:
The top spot goes to global luxury brand, Rolex. Rolex have been in business for over 100 years and have held a solid positive reputation for the duration. They have appeared in the top three in the same study for since 2013.
2. The Walt Disney Company
From the very beginning, the Walt Disney Company has been known for their commitment and dedication. Both to their work and those who consume it. More recently, Disney have been in the public eye for rightly standing up against Georgia. This was surrounding the possible implementation of the Free Exercise Protection Act. This law is said to be nothing less than an ‘anti-gay bill’. Disney have threatened to boycott the state if the law is approved. The Walt Disney Company leads in the citizenship dimensions outlined by Rep Trak. They continue to have an impact on a broad and ever growing demographic.
Created back in 1997, Google is now the world’s leading internet search engine. It is the source of over 100 billion searches a month! Google managed to hold onto second place in 2013 and 2014 but slipped down in this year’s report. However, they did take the lead in both the Workplace and Performance sectors, with Google renowned for their creative and inspiring working environments.
4. BMW Group
BMW turned 100 this year and what a great century it has been for the German car company. With their first official dealership opening 40 years ago they have stolen the crown as the biggest German company with a turnover of €80 billion (over £63 billion). Ludwig Willisch, CEO of BMW of North America stated that customer loyalty was at 60% in 2015 – considerably more than the average loyalty rate.
5. Daimler (Mercedes-Benz)
Competitor to the above, Daimler also slid down the ladder this year from fourth to fifth place. Selling 2.9 million cars in 2015, they did however see a rise in comparison with previous years.
The full listing of the 100 companies from the report is available here.
It is clear that there are many aspects that have to work simultaneously in order to influence a successful reputation and in return obtain the benefits that come with one.
In a study by Deloitte it was found that 88% of business are taking steps in order to manage their reputation and risks that may arise. This is something that should be part of an ongoing strategy within a business or brand. This ensures good preparation should a reputational crisis occur.
Managing your company reputation should not be a lengthy process. By implementing a number of steps, you can create a sturdy management plan.