Your Reputation is FragileMay 23, 2019
Hi everyone, Crayton Webb, Owner and CEO of Sunwest Communications with Two Minutes of Insight today. So we have a relationship with an organization called the Reputation Institute. Their data feeds the Forbes 100 list of brands and companies with the best reputation. Take a look at this graphic. The numbers tell the whole story. Long story short, it says that consumers are more likely to buy from, trust, work for, invest in companies that have a better reputation. In fact, the numbers for a company that goes from average to good to an excellent reputation, the numbers double and even triple. So clearly the business case for reputation, showing that there’s a clear connection towards an enhanced reputation in doing business a little bit better. Alright, so who’s on the top 10 list this year? Here it is! Take a look. Number one this year, most reputable company in the United States: Netflix, followed by Hershey, Whirlpool, Rolex, McCormick, Barnes & Noble, Hasbro, Costco, Nintendo, and rounding out the top 10 is Lego. What are some of the big observations by the Reputation Institute this year? Well, of course Netflix being number one. Last year they ranked 23rd, so big news that they would be number one. Microsoft and Dell also newsworthy. Microsoft up almost 8 points. Dell almost up six points. Lowes, the home improvement store, rank went up 91 spots. And Albertsons, another interesting story. They moved into the “Strong Reputation” category. Alright, how about the big losers? Well tech, tech, and tech. Take a look at Google. They dropped by 63 spots this year at 119 on the list. Amazon once had been in the top 10 for 8 years. Even number 1 for 4 years. This year, they don’t even make the top 50. They’re at number 54. How about Facebook. Another interesting story: They are second to last, ranked at 389 and Nike also down, let’s see, just a little over six points. They, at one point, were the second most reputable company in the United States. It all goes to show that it’s really fluid and that your reputation is really fragile and you have to continue to tell your story and build up good will in the bank of public trust. But reputation matters in business. And that’s Two Minutes of Insight today from Sunwest.