16 Apr Improvement of brand reputation in tough times
Whiplash Team, 16th April 2021
Improvement of brand reputation in tough times
The RepTrak Company, a global specialist in reputation information and data, announced this week the results of its annual Global RepTrak® 100 report for 2021. Among the most relevant findings, one can see that many of the companies that occupy the highest positions of the ranking are those that have implemented initiatives in the areas of environment, social impact and governance as part of their global strategies.
Reputation is undoubtedly one of the most important intangibles for a brand. A good brand reputation implies that users trust it and are satisfied with its products or services. It also implies that in many cases they are willing to pay more for the brand’s products, compared to similar ones that they do not trust in the same way. In short, a good reputation helps improve the financial statement of the company.
But building a good reputation, consolidating the prestige of a brand in front of all its stakeholders, is not easy. It requires that the company’s management takes time and maintains a long-term vision which it must be able to transfer to all levels of the organization. The involvement of all departments, from the Board of Directors to Customer Service, is essential.
This year, for the third year in a row, Lego has been crowned the company with the best reputation in the world in the Global RepTrak® 100 ranking, which the RepTrak Company has carried out for 11 years. Rolex and Ferrari follow, in second and third place. Then, in this order, in the list of the top 10 we find Bosch, Harley-Davidson, Canon, Adidas, The Walt Disney Company, Microsoft, and Sony.
The list is quite varied and eclectic. In it, new technology companies coincide with historical companies such as Kellogg’s or luxury companies such as Chanel and with chains such as Costco or low-cost supermarkets such as Aldi too.
The study surveyed 68,577 people and was conducted in 15 markets. It only measures the reputation of large companies, which must be known by at least 20% of consumers and have an annual turnover of about two billion dollars in sales (approximately 1.7 billion euros). Product and / or service perception, innovation, results, management, leadership, workplace, among other categories included in the RepTrak Reputation Score are measured.
Despite all the challenges that a year like 2020 implied with the COVID-19 pandemic, social distancing, the economic crisis, anti-racist protests around the world, and devastating fires on all continents, the 100 companies that entered the ranking managed to come out stronger. In fact, in 2021 they achieved the highest average global score since the study began.
In its conclusions, the study indicates that the pandemic has affected the perception of brand reputation, as well as consumer patterns and habits. In this context, those brands that have managed to develop a strong emotional connection with their customers have come out strengthened.
According to the researchers, in a difficult year for all, users have rewarded those companies that have included social, environmental and governance initiatives in their global strategies, reinforcing the notion that brands must be involved to create a society better and more responsible with the planet. Starting with themselves.
In conclusion, those responsible for the study point out that “The pandemic has shed an enduring light on the connection between business and society and underscored the threats posed by risks stemming from large-scale societal problems. Amid uneven government responses, many companies rose to the occasion, bringing their unique capabilities to bear. COVID-19 has shown that unexpected events and simmering issues aren’t only areas of concern; they are sources of opportunity”.
