Sometimes, what makes fiscal sense does not sit well with the consumer. And while you can’t always give the customer what they want when finances seem to dictate big changes the impact on consumer trust can’t be overlooked, as this great piece on L.L. Bean explains.
L.L. Bean: Consumers React to Broken Promises
RobinReport: JUNE 5, 2018 by Pam Danziger
Honesty, trustworthiness and confidence that promises made are promises kept: these are the qualities we look for in our partners, our friends, the people we hire and those we vote for.
These are the same qualities we look for in companies we choose to do business with. The saying goes, “People with good intentions make promises, but people with good character keep them.” The same can be said about brands.
Reputations matter in life and in business, which is why the Reputation Institute’s annual study of the most reputable companies is important. In this year’s U.S. RepTak 100 study ranking companies across seven dimensions that comprise a company’s reputation among consumers, a total of 39 new companies made the Top 100 list, reflecting a high level of churn. And conversely, 39 companies fell off the list. Among the companies that fell hardest in 2018 was L.L. Bean.
In 2017 L.L. Bean was ranked number 16 overall as a company to do business with, to work for, that created trustworthy high-quality goods and services and that could be counted on to do the right thing. This year it dropped completely off the Top 100 list. Why? Changes made to the company’s promise of standing behind its product quality with a lifelong 100% satisfaction guarantee. Read More