Can you put a price on a good reputation?

Reputation matters – people, businesses and brands are all concerned with how others perceive them and most importantly, how they are perceived in the market.

But what makes a good reputation?

In short, a good reputation is something that most conscientious individuals and businesses work hard to earn, and for good reason. A good reputation leads to trust, and trust can pave the way to long-term success.

In a business context, this often means demonstrating an understanding of your customer needs and behaviour and communicating in the most appropriate way. And how can organisations achieve this?

By making sure they have the right information on their customer needs and behaviour which often boils down to having up-to-date contact data.

This was echoed in findings from our recent research which found that over a quarter of organisations (26 %) say they have lost potential customers due to inaccurate data capture. This pain point was felt most acutely in the financial services sector with 35 per cent stating they had lost potential customers due to inaccurate data capture.

Likely reasons for this are that more respondents in the financial services sector (39 %) admit they have sent the same mailing to the same customer multiple times, and nobody likes to be bombarded with mail, especially not from banks. Internally, more respondents within the financial services sector (33 %) admit staff have been used inefficiently in the management of their data which could explain where their major issue lies.

In knowing this, it will come as no surprise that 81 per cent of organisations surveyed in our research, have seen reduced customer satisfaction because of the various negative consequences that have occurred as a result of data accuracy issues. These consequences include; mailings sent to the wrong address (36 %), getting the customer’s name and contact information wrong (34 %) and the same mail being sent to the customer multiple times (28 %). This would be enough to frustrate any customer.

In a world where organisations are vying for customer attention, businesses cannot afford to jeopardise their relationships. And like any other service based industry, first impressions matter.

If the saying is true, ‘you’re only as good as your word’, all organisations need to ensure they deliver the promises they make in their catchy taglines and slogans.Today, this boils down to one simple fact: having accurate customer contact data on hand. After all, your reputation precedes you and if this isn’t favourable, you may not even get your foot in the door.