Reputation, quite simply, is everything. It is painstakingly built and carefully protected, yet, can implode in a moment and take years to reconstruct. Every reputational point matters. Yet, there is one thing that can catapult a company into the hearts and minds of consumers over competitors: Introducing the Purpose Premium.
We are pleased to share the 2018 Porter Novelli/Cone Purpose Premium Index. The study, examining consumer perceptions of the top 200 companies in the U.S., finds Purpose is one of three critical dimensions of overall reputation.
Key findings include:
Purpose is a driver of overall reputation: The Purpose Premium drives 13 percent of a company’s overall reputation. Thirteen percent can seem small, but when it comes to painstakingly building reputation, every single point matters. This slice of the overall reputation pie can be that added boost a company needs to edge out its competition and win over the hearts – and wallets – of consumers.
The correlation between Purpose and reputation is strong: Companies with strong reputation also have strong Purpose scores – and that’s no coincidence. These scores move together for nearly nine out of ten companies (88%) ranked.
Consumers want companies to act, care and advocate: When it comes to what Purpose attributes are most important to reputation, Americans prioritize companies that are responsible (86%), caring (85%), advocate for issues (81%), protect the environment (79%) and give back to important causes (73%).
Purpose drives consumer action: Companies with a higher Purpose ranking compared to their laggard peers will reap greater benefits as consumers are more likely to favor that company through trial, purchase and support of that company in their communities.
When it comes to reputation scores, every point up or down matters to the consumer and affects long-term business performance and value. The Purpose Premium is the extra reputational boost a company gains by leading with Purpose and edging out its competitors in a world where what a brand stands for increasingly matters to the consumer.
We invite you to download the research and join our webinar presentation on Thursday, December 6, at 1 p.m. ET to learn more about the study and insights on the companies leading the way. Registration can be accessed here.