Customer trust and satisfaction are highly valuable. This is why resources like accreditation lists from the Better Business Bureau (BBB) and the grades they give various companies are taken seriously by all involved. Here are a few things which can shed light on the how the BBB determines the grades it gives out and what they might mean for both businesses and customers alike.
Standards for Trust
Although accreditation by the BBB is not mandatory for any company, adherence to the published standards that the bureau uses to rate businesses are important to customers. Businesses, then, continue to pursue good BBB ratings to gain customer approval. There are eight principles in which the bureau believes, including honesty in advertising, respect for privacy, responsiveness and transparency.
Factors Used in Rating Companies
Businesses are assessed based on 17 factors, each weighted differently. Some of these factors include the type of feedback the business has received, how responsive the business has been to complaints, whether the complaints have a pattern to them and false advertising concerns, among others.
What the Letters Mean
BBB rating badges carry letter grades, anywhere from an A-plus to an F. They are representative of the points a business is awarded within a 100-point scale. Getting a total of below 60 points will earn an F rating. A-plus ratings, on the other hand, require 97 to 100 points.
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