A name is more than just a name: large corporations and small companies alike rely on their reputation to sustain themselves and continue doing business. It’s only logical: a company that’s well-known for the quality of its services is bound to attract many clients and customers.
In fact, corporate reputation is known to be worth as much as 4 to 5 percent of a company’s annual sales and is reported to be the most important asset of most CEOs around the world. It’s also known that a company’s reputation is the first thing that other companies look for when forming partnerships and business deals with them. Finally, having a bad reputation is arguably much worse than having no reputation at all because negative reviews can spread as fast as positive ones through mass media and the Internet.
This is why it is important to keep one’s business image as clean and positive as possible. Unfortunately, this is easier said than done because it is fragile and very vulnerable to a lot of factors. For example, a reputable and well-loved company can have its fortunes reversed by a single, particularly offensive marketing advert. Negative association, like if a company has certain political leanings, can also be damaging.