A prestigious company is one that has a good reputation, has the loyalty of customers but also, workers feel satisfied to be in it.
It is also one that has good communication with the client, about their needs in order to establish a permanent relationship by providing solutions.
The prestige of a company does not rise overnight, however, sometimes, destroying this prestige, in an unfair way, is a much faster process.
As a communication platform, social media promotes customer feedback and makes it easy for customers to share their experiences with a company.
Organizations, in turn, have the ability to quickly respond to positive and negative feedback, address customer issues, and maintain or regain customer trust.
With the arrival of new technologies, the reputation of a company is much more fragile since in any forum it is possible to make negative reviews about a project, a product or service developed by any company that does not meet the needs of a certain group of customers. It is convenient to put this situation in a fair context taking into account that in an anonymous way any person can present what they want and almost by any means, without thinking about the consequences that their words can have.
Social networks are an example of this. Any stranger can create a brand or product at dizzying speeds using social networks, but it is no less true that any brand or product can fall out of favor due to mishandling of its publications on these networks.
Technology is a factor that can contribute positively or negatively in business processes and significantly affects their prestige. Nowadays creating a Brand or Product with a high prestige is relatively easy if you take advantage of the technology of the moment.
It is clear that the use of technology makes it much easier to create products and services of higher quality, at a lower cost and meeting the specific needs of customers; which results in creating high prestige in companies. Creating many of the products and services of the 21st century without the accompaniment of technological equipment in earlier times would be almost impossible.
But technology misused or without knowledge of good use can also create inconveniences. If you have the right equipment but not the knowledge in good use to achieve the products and services according to the customer, it can become the nightmare of any company that will see its prestige fall.
But what is the prestige in companies?
Business Prestige
It is the reputation and recognition given to a company or company, by all who make it up (workers, founders, administrators, suppliers, shareholders, creditors, competitors and customers among others), and this is undoubtedly based on quality of the products and / or services that it offers, the fulfillment of the commitments that it makes with its creditors and shareholders, the level of satisfaction that the people who work in it have and the responsibility with which it develops towards the company.
Is Business Prestige. An asset?
The concept of asset in accounting has evolved from a legal consideration from which it required ownership of the property or rights to the current one that requires only the control of the property or right. Currently, those property or rights that offer a future economic benefit are considered “asset”. That does not have to mean that property, or tenure, or money is necessary. The assets are a resource or economic property with which benefits are obtained and vary according to the nature of the activity carried out.
While an asset can be tangible or intangible; the image, brand and prestige are intangible, as they are the letter of introduction to the market niche (s), and of their potential customers, causing or influencing the acquisition of the product and / or service. By definition they generate a benefit for companies. And if, in addition to the acquisition and consumption of the product and / or service, the customer achieves maximum satisfaction, it can also generate loyalty to the company, the product and / or the brand.
Business prestige is something immeasurable, since it is based on the opinion and perspective that all those who are involved in the development of the company, and there is no qualification or standard that establishes the degree or level of prestige that a company has or does not. There are standards and classifications that establish some of the business sectors, but these focus on qualifying the quality of the product and / or service, as well as one or more of the company’s internal processes. While the quality is not equal to prestige, it is a fundamental point to achieve it. Why? A company that fulfills what it promises speaks very well of it.
Another way to guarantee quality is through certification and especially ISO. ISO (International Organization for Standardization, acronym in English) is a standard that endorses a company and its quality internationally, is independent, non-governmental, and the largest developer of voluntary standards (ISO, 2015).
It is an endorsement of a company but it is also a commitment, that in each process in each interaction, each sale or each one serving a customer, it is done in the best way, and there is also a commitment to continuous improvement.
Conclusion
There are many factors that define the prestige of a company, and only by investing and working in each of them can you achieve prestige. At the same time there are other elements by which the consumer selects between one product or another and / or service, as has been corroborated in many surveys that address this topic. Factors such as price, popularity, tradition interact at the time of purchase.