Looking back on 2010, most Americans were strongly disappointed by how the nation's businesses conducted themselves, with 61% saying corporate America failed to meet their expectations, and only 5% saying that businesses exceeded their expectations.
When asked to grade how well Corporate America did in 2010, 82% assigned a grade of 'C' or lower and 40% assigned a grade of 'D' or 'F.' Just 17% gave Corporate America an 'A' or a 'B' for their 2010 performance.
And while Americans are optimistic about how Corporate America will do in 2011, their expectations for businesses next year are even higher. Close to 7 in 10 have higher expectations for Corporate America in 2011. That said, 6 in 10 believe those expectations will be met.
And as the nation struggles with economic challenges, 88% of consumers found that corporations had recovered from the recession better than American families, and 85% thought corporations had better prospects for the coming year than American families did.
"With consumers highly dissatisfied with U.S. businesses, the 2011 strategy for Corporate America needs to be 'back to basics'," said Bradley Honan, senior vice president of StrategyOne. "Explaining not only 'what' they do for the country, but 'how' and 'why' they do it needs to be the game plan for how to rebuild corporate reputation."
So what is Corporate America to do? The survey findings, from a recent poll of 1,081 Americans, conducted by StrategyOne, a Daniel J. Edelman research firm, are instructive for how corporations can leverage public opinion to their advantage.
Asked what Corporate America's highest priorities should be in 2011, consumers emphasized helping improve the economy and reducing unemployment, promoting ethical corporate behavior, paying back any bailout money, making high quality products and services that require fewer recalls, and overall making fewer mistakes.
When asked to grade the job Corporate America has done in these areas in 2010, few Americans gave out either A's or B's.
"Let's be clear, Americans are not dreaming up some far out vision of utopia," said Honan. "Instead they are being realistic that Corporate America should - and indeed must - engage in important issues of the day where they can make a demonstrably positive difference. That means the economy and jobs for starters, but also ensuring their products are safe and not harmful to use, and that they simply conduct their day to day business activities in an honest, ethical, and transparent manner."
Other survey highlights included:
StrategyOne conducted 1,081 online interviews among a representative sampling of Americans between December 6 and 8, 2010. The margin of sampling error at the 95% level of confidence is = +/- 3.14% overall and larger for subgroups. Statistical weights were designed from the United States Census Bureau statistics.
StrategyOne, a Daniel J. Edelman company, employs custom public opinion research and secondary research methodologies to deliver strategic counsel to corporate, organizational and governmental clients globally. With offices in Atlanta, Chicago, London, New York, Paris, San Mateo, Washington, D.C., and Abu Dhabi, StrategyOne provides global clients with evidence based stakeholder insights, analysis and measurement. Visit www.strategyone.net for more information.
Edelman is the world's largest independent public relations firm, with wholly-owned offices in 53 cities and 3,600 employees worldwide. Edelman was named Advertising Age's top-ranked PR firm of the decade and one of its 2010 Best Places to Work; Adweek's "2009 Agency of the Year;" PRWeek's "2009 Agency of the Year" and "UK Consultancy of the Year;" and Holmes Report's "Agency of the Decade," "2009 Best Large Agency to Work For" and "2009 Asia Pacific Consultancy of the Year." Edelman owns specialty firms Blue (advertising), StrategyOne (research), RUTH (integrated marketing), DJE Science (medical and science communications), and MATTER (sports, sponsorship, and entertainment). Visit www.edelman.com for more information.