Reputation is everything..... #14
- Adrian Dionisio - business737 owner
- Jan 13, 2021
- 3 min read
Updated: Nov 2, 2024
Businesses with a good reputation have a more desirable client base, more opportunities and generate more revenue. Their good reputation enables them to charge higher premiums because their clients are assured that they are getting better value for their money. A reputable business is a more profitable business.
Managing reputation
Reputation is never under your complete control because it is based on what others think and believe. It is subjective and an opinion. If you were to ask someone about a certain business they would probably talk how they feel about it. Feelings guide beliefs. Beliefs guide decisions making. This means that consumers will respond to your reputation by making buying decisions for or against your business. It is easy to see why your reputation is important.
A good reputation can only be forged slowly and patiently over time. Honesty, reliability and consistently delivering above and beyond what is expected will set a solid foundation. Great customer service, transparency and offering great value will positively enhance reputation. It can take many years for a good reputation to be built and only a fraction to that for it to be completely shattered. A bad reputation can have devastating consequences. The market place is the final arbiter of reputation and it is always watching!
Factors that can shape business's reputation
Visual Cues
Even the little things and finer details can enhance the reputation of a business. That said get your branding right. Your name, logo and all of the imagery related to your company / brand add to the overall feeling and belief associated with the business.
Mission, vision, or philosophy
These elements are the guiding the approach, direction and culture of any business and generate a ripple effect when it comes to reputation.
Behaviour of employees and anyone associated with the business
Anyone associated with your business is for all intents and purposes a spokesman for the company. Be aware of this an implement strategies to ensure they always enhance the reputation rather than the opposite.
Keep your promises
In life as in business your word should be honourable. It will always work out for the best.
Reviews and feedback
Articles, word of mouth, news, social media, and online reviews all contribute to how your business is perceived. Over 80% of people trust an online review as much as an in-person, word of mouth recommendation. That means that your online reviews can make or break your business. Responding to a positive recommendation, mention or even negative comment will help to improve engagement and show that you care.
The success of the business
Any notable achievement will contribute to a positive reputation.
Reputation is powerful because people pay close attention to the opinion of others especially when it comes to things they are interest in. It helps potential customers feel certain that they are making the right decision. People also want that others will think highly of their decision. They want an assurance that they won’t waste their money.
Referring friends to good products and services is a good way to build your own reputation, that’s why people do it.
The overall reputation of a business is a function of its reputation among its customers, suppliers, employees, investors, regulators and communities in which it operates. A strong positive reputation across multiple categories will result in a strong positive reputation for the company overall. Businesses with a good reputation make greater profits.
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