Reputation restoration takes time
Although I made a wholehearted attempt not to work on Sunday, I could not pass up musing on an article I read on Walmart’s new partnership with the Environmental Defense Fund and a few stats on reputation recovery. Thought I could post it today. When companies ask how long it takes to recover and restore reputation, I usually say four years, give or take. Back in 2005, Walmart’s then CEO Lee Scott decided to behave differently and reclaim its reputation. It had a lot of work to do, certainly in the public’s mind. One of the ways Scott decided to do that was by reducing its environmental footprint. Fast forward to 2012 (seven years later). In the article, it says that, “About a quarter of Americans now have a favorable impression of Wal-Mart, about double the percentage that did in 2007 (the earliest available figure for Wal-Mart), according to the YouGov BrandIndex, which measures consumers’ impressions of companies and products.” I think that it has been a steady build from 2005 and seven years later, Walmart is seeing the fruits of its reputation labor.
[I am not sure why The New York Times refers to Walmart as Wal-Mart but it does. I checked the website and Walmart changed its name to Walmart, no dash and small M, a while ago. ]