Carmakers that need to recall defective vehicles lose credibility. Multinational banks busted for bribing foreign officials lose credibility. And brand name designers busted for running sweatshops in third world countries lose credibility. People thinking of buying that product or using that service prefer to look elsewhere.
There is nothing more damaging to a company than loss of credibility. It’s more than a loss of face from bad press, it also loss of valuable market share. For large companies, it could mean millions in loss. For small to medium companies, it could mean struggling to stay in business. And for startups, it’s often the kiss of death.…Continue reading