Monday, December 30, 2013
Target's brand takes a big hit after security breach...
CBS News reports that Target's brand has plunged in perception, according to YouGov's BrandIndex, which taps into an online panel of 2.5 million people to measure how consumers rate corporate reputations. In the days following the company's disclosure of the hack, Target's brand plunged by 35 points on BrandIndex's scale, which ranges from a high of 100 to a low of -100. That means that Target's brand score dropped to -9 on Dec. 20, from 26 points the week before the security breach was announced.
If that's not bad enough, Target has gone further into the red, despite a discount offer last weekend and efforts by the retailer to staff up call centers and to reach out to customers. The company's BrandIndex score stood at -19 on Dec. 23. Despite the 10 percent discount and the offer of free credit monitoring, "the retailer has reached its lowest consumer perception point since at least June 2007," said BrandIndex managing director Ted Marzilli. "This also marks the first time since that same time that Target has had more negative perception than positive perception."