A new year is characterized by renewal and the opportunity to set ambitious goals for the organizations we represent.
This year, you’re probably wondering how you can renew your reputation, or how establishing your purpose can help you avoid social and moral disengagement with your customers and employees. Yet for all the talk of corporate purpose, and the reputational benefits earned through its pursuit, there is a lack of guidance on how to measure reputation’s existence and value.
Studies have long shown that your conviction to do good will lead customers to spend more, recommend you more, and remain loyal. Yet they seldom describe the mechanisms that brand managers can use to benchmark and track reputation.
Over the past decade, companies have increasingly magnified their reputation by taking a stance on issues and contributing to causes. The shoppers of the 2020s are looking beyond product and marketing and considering your brand reputation when buying.