3M is the number eighteenth most admired company in the world, according to cnnmoney.com in 2012. Apple was number one, Google came in second and Amazon is ranked at number three. 3M’s stock market rating, as of Friday, September 27, is at $120.12. That’s down about a tenth of a percent from yesterday. To compare it to other brands, Apple’s stock market share is $482.80 today, Google is at $875.24, and Amazon’s is at $316.01.
The cnnmoney.com site says that 3M is an admired company because of its many markets that the business is involved in. 3M’s annual revenues increased 11 percent and now are at $29.6 billion. Much of that growth comes from its business products and office supplies, including the Safety, Security, and Protection Services as well as their Industrial and Transportation business segments. They have six business segments total. According to cnnmoney.com, the largest growth for the company was in Canada and Latin America.
A way that I personally think 3M is contributing to consumer confidence is through their investments in renewable energy. The company has increased their spending and is using portions of $1.4 billion to work on supplies that would include renewable energy.
I referenced this in an earlier blog post as well about 3M’s Twitter presence. Their social media is focusing on being green and creating products made out of recycled materials. I think this Twitter increases consumer confidence by making the company seem down to earth, and caring for it.
Another way 3M is caring for the world is through their employees. Though consumers aren’t necessarily employees, a lot of employees are consumers. I checked to see what employees thought of the places they worked, and was surprised that many employees on a workplace-rating site were very pleased with where they worked.
Nearly all of the reviews on the job ranking website indeed.com were highly positive. There were a variety of jobs that were reviewed, from factory work to upper level management. The most commonly cited positive comment was that the company allowed its workers to be themselves and play up their strengths.
I think having a strong employee relationship is very important for consumer confidence. A person’s work is a huge factor in their life, and the people who work there represent the business. Besides just being a good moral practice to do in the first place, what a great way to get PR for a company by making the people who work there happy.
According to the Director of Economic Indicators Lynn Franco, nationally, consumer confidence in businesses was unchanged. Franco says consumers are aware that the overall economy is improving, but are hesitant to feel that it will keep doing so.