In a time where trust in companies is at an all time low, it's more valuable than ever. That's not a moral or values based statement, it's about the impact on the bottom line.
This chart, from a presentation at McKinsey's Chief Marketing And Sales Officer Forum, shows how much investors and consumers reward an outstanding reputation:
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Despite the incredible value of reputation, according to McKinsey's Betsy Holden, companies aren't taking full advantage of their opportunities to increase it:
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One thing they can do to improve their reputation is bolster their social media presence. They can publish material related to the above, like information about transparency or environmental efforts, and can use it as a customer service tool. Being accessible and accountable increases trust.
That route may be particularly effective because social media is trusted by consumers at a rapidly increasing rate:
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