A good reputation is one of the most valuable assets to have, whether as an individual or a corporation. Without that, it is tough to survive as an entrepreneur or a Fortune 500 player. In Puerto Rico, there are 10 companies that have a commanding lead when it comes to how consumers perceive them, and are evenly split between local and international operations.
On Wednesday, New York’s Reputation Institute and Gaither International-Inmark unveiled the results of the RepTrak Pulse Puerto Rico 2011 study, which ranked Kellogg’s, Goya, Walgreens, Procter & Gamble, Holsum, Arroz Rico, Suiza Dairy, Pan Pepín, Kraft Foods and The Coca-Cola Company as the island’s most reputable companies.
The study’s so-called Pulse indicator, which gauges the public’s opinion of a company, quantifies the admiration, respect, good impression and that a company inspires among its target audience. Goya, Holsum, Arroz Rico, Suiza Dairy and Pan Pepín are the locals that took half of the study’s stop rankings.
“We live in an economy of reputation, where the perceptions that stakeholders matter as much, or more, than the opinions that are formed about their products or services,” said Fernando Prado, general managing partner of the Reputation Institute in Spain and Latin America.
In the study, Kellog’s, for example, garnered 88.8 Pulse points of the possible 100. Goya got 86.7, Walgreens, 86.4, Procter & Gamble, 85.8, Holsum, 85.6, Arroz Rico, 85.4, Suiza Dairy, 85.4, Pan Pepín, 84.1, Kraft Foods, 83.6 and The Coca-Cola Company, 83.0.
“A good reputation is key to ensuring proper corporate positioning and building sustainable competitive advantages over time,” he said.
The study evaluated 70 companies chosen for their sales volume, recognition and familiarity among the groups surveyed. Field work was conducted from March through June, and consisted of 1,982 interviews that yielded more than 7,500 company evaluations.
Of the 70 companies evaluated, 27 scored 80 or more points, positioning themselves in the “excellent/superior” category; 31 were “strong/robust,” with 70-79 points; eight were “average or moderate,” with 60-69 points; and just four were “weak/vulnerable,” with 40-59 points.
The RepTrak Pulse Puerto Rico 2011 study also evaluated consumer perception about the island’s main economic sectors, of which nutritional, consumer products and general distribution companies came out ahead. On the less favorable end of the spectrum were information and media, banks and telecommunications companies.
A good reputation encourages favorable consumer behavior, mainly through the purchase of the company products or services by offering positive feedback or giving it the benefit of the doubt in times of crisis, the study showed.