Singapore business leaders are enthusiastic about the advantages afforded by a strong corporate reputation. However, they believe maintaining image and perception are core to building a brand name — ahead of values like trust, credibility, actions and conduct.
In addition, Singapore’s business leaders place a significantly higher value on corporate reputation than their counterparts from Hong Kong, the US and the UK.
According to the first-ever Corporate Reputation study conducted by Bloomberg Media, 53% of business leaders in Singapore strongly agree that corporate reputation is the cornerstone of brand differentiation and market leadership, notably higher than an average of 39% in other markets surveyed.
A total of 1,269 “senior business decision-makers” responded to a 15-minute survey conducted in May by Bloomberg Media. Some 131 respondents were from Singapore, while 123 were from Hong Kong, 405 were from the UK and 610 were from the US.
Singapore is the only market among the four to prioritise image and perception, and business leaders here are the least likely to consider actions and conduct as key to defining corporate reputation. Instead, business leaders from Hong Kong and the UK voted these values above other options, which Bloomberg Media says indicates a “show, don’t tell” perspective.
Business leaders in some countries may be more bullish on corporate reputation than others, says Bloomberg Media. Respondents from the US and Singapore are more enthusiastic about the advantages afforded by a strong corporate reputation, while those in Hong Kong and the UK are more wary.
In addition, more leaders surveyed from Singapore (14%) and the US (34%) agree that customers do not always prioritise tangible benefits such as price over corporate reputation, while their counterparts in Hong Kong (4%) and the UK (8%) demurred.
Similarly, respondents from Singapore (29%) and the US (40%) more readily agreed that corporate reputation stimulates disruption and innovation, compared to respondents from Hong Kong (4%) and the UK (12%).
Nearly three quarters (74%) of Singapore businesses have a well-established system with defined metrics for measuring corporate reputation, far higher than an average of 66% in other regions. Bloomberg Media says this suggests a “mature and systematic approach” to managing corporate reputation.
See also: Labubu dethrones Taylor Swift for fifth place among top searches on Carousell
In addition, 36% of Singapore business leaders monitor industry analyst reports to measure corporate reputation, significantly higher than an average of 25% in other markets surveyed.
Environmental responsibility
According to Bloomberg Media, Singapore business leaders stood out across multiple metrics in their commitment to environmental responsibility.
One in two Singapore business leaders surveyed identify environmental responsibility as a "top building block" for enhancing corporate reputation in the future, compared to an average of 43% surveyed in other regions.
Moreover, Singapore is the only market surveyed to rank environmental responsibility among the top five building blocks for corporate reputation.
More than four in five (83%) Singapore business leaders rate their organisation’s environmental responsibility efforts as “strong” or “very strong” compared to industry peers, higher than other markets surveyed, which returned an average of 72%.
Michelle Lynn, global head of data and insights, Bloomberg Media, says: “As companies grapple with changing expectations from consumers and stakeholders, the role of corporate reputation changes with them. What this data shows is that Singapore’s business leaders are ahead of the game in considering climate and sustainability as a core component of their reputation and brand value. It speaks to a confident, forward-looking group of business leaders in Singapore who are thinking ahead in a rapidly changing brand landscape.”
