Studies show that companies with high reputations are worth as much as 150% more than those with low reputations. According to ForumForTheFuture.org, there are many ways in which a reputation initiative can create financial value. Here are a few:
- A differentiated product or service line results in increased sales through new customers and existing customers who will spend more.
- Reputation initiatives also work to protect market share and brand awareness. A stronger brand value enables you to charge a premium and shape the market in your favor.
- Employee turnover lessens and productivity increases when staff is motivated by a greater good.
- Your organization will be able to attract a higher level of employee through your enhanced reputation. In turn, this will lower your recruitment costs.
- You’ll be able to reduce tax payments through some types of reputation initiative performance, such as sustainability and charitable donations.
For information on how Spring Arbor University can help you create a growth-oriented business atmosphere that embraces ethical reputation initiatives, click here.