Following the aftermath of the 2009-2010 recalls that affected more than 7.5 million vehicles in the US, and 1.8 million in Europe and Asia, Toyota Motor Corp had taken the rap as one of the most unsafe vehicles in the US. This not only affected their sales for the past three years, but their reputation. Toyota, once the number 17 most trusted company in the world, according to Prophet’s annual corporate reputation studies, dropped to 139th in 2010, and currently rests as the 74th.
Odds are you don’t operate on the same scale as Toyota, complete with the ability to send a barrage of television, print radio and internet apologies; however, that doesn’t mean you should ignore your business’ reputation. Your reputation is what makes you stand apart from competitors, and can also mean the difference between recruiting top level employees, or settling for second best.