Warren Buffet said that all the effort to build a good reputation over a couple decades can be ruined in a matter of minutes. He went on to say if top management would focus more on creating a good reputation managers would be directed to do things differently. Does your company have a strong reputation? A recent study by a company called Prophet found less than nine percent of consumers believed companies have a strong reputation. Jewelry managers need to have an accurate understanding of how their company is perceived by customers and stakeholders.There is a need to proactively manage, measure and build a company’s reputation like never before. The payoff often results in a leading reputation versus a failing one as consumers are twice as likely to make a purchase, four times more likely to pay a premium price, and almost ten times more likely to make a repeat purchase.
A company’s good reputation is directly influenced by its people, philosophy, products, performance, purpose and personal appeal.
Anytime a company adds services to support product offering it requires people. How do employees describe the company’s workplace environment? How does this reflect on customers?
How is the company’s leadership, vision and governance perceived by customers and stakeholders? Is the company known as a leader in the jewelry markets it competes in? How does the company’s reputation fair when it is compared to direct competitors?
How do customers and stakeholders perceive how the company creates and delivers value? How reliable is the company perceived to be in offering high quality products and consistently reliable services? How do the company’s employees define customer value and how close are those definitions and perceptions to managements? Consider how the gaps in perception can effect the customers experiences with the company.
How efficiently and effectively is the company managed? Does management take a systematic approach to managing the company? How can the company’s reputation be enhanced by more aggressively addressing gaps in customer service, customer satisfaction and customer value?
How does the company create and deliver customer value to jewelry customers? How committed is management to environmental and community issues and running a socially responsible company? Does the company’s currently perceived reputation reflect an awareness by stakeholders concerning these issues?
What are the emotional connections customers and stakeholders have with the company? Jewelry is an emotional purchase. How is the company leveraging past purchases and established customer relationships to encourage additional purchases? How can the company be perceived as more appealing by prospective and current customers? What is the appeal of the company to potential employees?
Building a highly desired company reputation is a long journey that requires commitment, integrity and discipline. Companies with strong reputations are benefiting from higher customer loyalty which equates to increased market share. How strong should your company’s reputation be? What will it take to get it there? A reputation is earned every day.Follow JCK on Instagram: @jckmagazine
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