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Well over half of consumers will pay a premium to the company they believe has the best reputation, even if they can buy a product or service cheaper elsewhere, a new survey published by the CBI reveals.
Excellent customer service was cited by almost half of all survey respondents (48%) as the characteristic that most helps a firm build its reputation. Another third (36%) said that products and services always living up to expectations mattered most. Seven per cent said a good reputation was down to being a good employer while four per cent attributed it to brand appeal.
The survey, conducted by YouGov, reveals the 10 companies UK consumers say have the best reputation. At the top of the list of unprompted replies is Marks & Spencer, which gained almost twice as many mentions as the next highest, John Lewis Partnership - itself closely followed by the Virgin Group. The next three highly rated companies were Tesco, Sony and ASDA, with Amazon, Apple, Boots and then the BBC completing the top 10.
Commenting on the findings, Richard Lambert, the CBI’s Director-General, said: "What comes through in our survey is that great reputations rest or fall on delivery. Whether the promise is of quality, fun, value or luxury, the 21st century customer is savvy enough to sniff out and avoid the shoddy or disappointing. Environmental credentials and social responsibility are also becoming increasingly more important to consumers' purchasing decisions. "M&S has coupled great products and customer service with an ambitious but credible environmental and ethical campaign, ‘Plan A’. This survey shows that, in addition to whatever dividends it returns in higher sales and profits, the initiative has considerably boosted the retailer's wider standing."
Two-thirds of respondents (64%) said that, as long as a company behaves responsibly and delivers good service, they don’t mind if it makes a big profit. The survey suggests that people are inclined to trust companies best when they know more about them. Fifty seven per cent said they sometimes act as an advocate for their company, talking positively to others about its products or services. Thirty eight per cent said they trust the company they work for more than other firms, compared to only 11% who said the opposite.
