- March 1, 2017
- Posted by: Reputation Lighthouse
- Category: Communication, Reputation
As CEOs and corporate leaders, you are always looking for an edge. How to stay a step ahead? How to outwit the competition? Where to go next?
There are investors and owners looking over your shoulder and employees and communities that count on your decisions every day. Industries are cross-pollinating ideas to capture innovation. Challenger brands are taking market share from the establishments. There is talk of Millennials and Gen Zs, and disruptors are taking advantage of the buying tendencies of those generations.
It is a lot for a leader to think about and some of the things that likely keep you up at night. But what if there was something you could do as a leader of a company that would increase the likelihood that someone would purchase your product by triple-digit percentage points?
What if you could do the exact same thing and increase by triple-digit percentage points the likelihood someone would invest in your company, or come work for your company? Wouldn’t you jump all over it?
For most the answer is obviously, yes; but it begs the question what element can impact those business areas by triple digits?
In the 2017 Global RepTrak 100 survey – which looks at the top 100 reputable companies in the world – the Reputation Institute looked at the link between corporate reputation and stakeholder support. Those surveyed said the likelihood they would buy a product of a company with a weak reputation was 16 percent, however, that increased to 83 percent for a company with an excellent reputation — a 418-percent boost just from reputation. Likewise, the increase for recommend a product was 530 percent, while would work for increased by 329 percent, and would invest in saw an increase of 509 percent.
Reputation is the key. Improving the reputation of your company from having a weak or nonexistent reputation (not even a bad reputation) to having an excellent reputation provides a significant lift on purchasing decisions, recommendations, investments, and talent acquisition. And when a company hits a bump in the road, an excellent reputation provides protection for a quicker recovery because you have equity to draw from.
No other marketing, communication, public relations, leadership, operational, or employee initiative can bring you these numbers. Reputation is the ultimate differentiator and can help you disrupt your industry.