Among all your assets perhaps the most valuable is your reputation. While it’s incredibly difficult to put an accurate value on it, it’s clear that a bad reviews can damage your business, perhaps fatally.
Reputation can be make or break.
Reputation is difficult to manage.
It is so true that reputation is difficult to manage, not least because many elements of it are entirely outside your control, but it’s important to take an active approach to building a positive reputation and then protecting it. Many factors will contribute to your good profile, but the most important will be the interactions you have with your customers and how you resolve problems. A customer who feels they have had good service is likely to tell others, and perhaps the most powerful advocates are those for whom something has gone wrong but have been seen their problems solved.
Your reliability, depending on what it is, can have positive or negative effects on your business. The most obvious will be in attracting new customers and retaining existing ones. A satisfied customer might recommend you to their friends, driving more business towards you. But dissatisfied customers often steer others away from you. Removing not just their custom, but possibly persuading other customers to leave and dissuading potential customers from considering you.
Business with bad reputation?
The cost of bad reviews can be huge, and repairing it is not always possible. While it’s hard to build a good brand, once it’s damaged you have to repair the damage before you can start even considering building a positive brand profile again. In some cases reputation can damage your business so severely that you never recover.
Threats to your great brand are, ultimately, largely created by your business. Poor quality interactions can cause negative word-of-mouth. These interactions might be direct, such as a bad service experience, or indirect, such as a poor-quality product. It isn’t always customers either, if you have unhappy employees they may well be talking to potential customers about your business too.
Did you know, that you can protect your business reputation?
Protecting your good work and services is crucial to business success and shouldn’t be hard work but just part of the way you do business.
The first step is creating a positive culture within your business, this means identifying the trustworthiness you want and promoting it, hiring the right staff that share your values, rewarding the behaviours you want to see and leading by example.
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And you should invest in promoting it. When your business is living the values that will build your trustworthiness, you need to make sure people know about them. They should be able to see them in action when they deal with you, but also on your website, social media and even things like job adverts.
In short, you need to exhibit the values drive your positive reputation. And you need to promote what you are doing, including when you are learning from mistakes. Doing this, instead of having a reputation that can damage your business, your respectability will be a key to your business’s success.
~Committed to your business success~
Gemini Web TV team