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Posted - 22 February 2007 : 09:51:03
The best and baddest brands
Barclays one of the worst brands.
Barclays' reputation was dented again when it was named the worst of 4,000 British brands in a customer loyalty survey.
Less than a day after it was attacked for earning record profits last year of £7.14billion – £200 a second – a study of consumers found most would not recommend the bank to others.
Barclays was one of only two British brands to score a negative rating in the poll, which asked more than a million people worldwide for their views on 30,000 firms and products.
The other big loser was the Spar grocery chain. Three other banks – NatWest, Lloyds TSB and Abbey – were also featured in the British bottom ten.
The findings are a fresh embarrassment for Barclays.
Analysts say the rise of e-mail and the Internet has increased the effect of word of mouth on a company's performance.
Researchers at Millward Brown asked 2,000 British adults their feelings about 4,000 brands.
Barclays was found to have more customers who would not recommend it – known as 'detractors' – than those who would – known as 'promoters'.
The bank's 'net promoter' score of minus three was the lowest of any brand. Spar scored minus two.
The firms earning the most recommendations were usually those with a strong ethical or environmental commitment.
The top performer, for example, was fair-trade coffee brand Cafédirect.
Another high-ranked company was Japanese car-maker Toyota, which has gained a reputation for greener cars, including its Prius hybrid fuel model.
Peter Walshe, global brand director for Millward Brown, said: 'When people are getting a good experience, they are more likely to use and recommend a brand for others to use.
'Customer opinion remains a central pillar in the measurement of brand success.'
Trade journal Marketing, which published the poll, said: 'It is a recognition of the power of word of mouth in an age where blogs and online reviews have arguably made recommendations more important than ever.'
Barclays achieved its bumper profits despite writing off more than £2billion in bad debt charges.
SOURCE: The Metro Wednesday, February 21, 2007
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