The Importance of A Positive Online Reputation
In most cases, the number one cause for a corporation earning a poor reputation would be a lack of concern for evolving customer needs and wants. When a corporation is looking to expand, diversify or optimize their processes in order to facilitate financial growth, many decisions are derived from financial projections that do not fully encompass changes in consumer behavior.
A recent example of a corporate reputation hiccup comes from world-renowned Kentucky Bourbon producer Maker’s Mark. A recent surge in whiskey sales lead by a large jump in the premium market left Maker’s Mark falling short of consumer demand. With their factories running at capacity they decided to go for a quick fix to bolster their supply and profits by increasing the amount of water used in cutting their final product (watering down the hooch). Maker’s Mark took a large gamble by altering their half-century-old recipe and the instant consumer ramifications were proof not to change the proof.