In competitive markets, it is often difficult to stand out from the crowd. So what really sets a business apart from the rest out there?
It’s the question many business owners ask themselves before setting out on their venture. After all, everybody wants to be the best. Everybody wants to be making the most money. It’s natural! For entrepreneurs, at least…
The sure-fire route to success is reputation. Without it you can bet your left shoe on failure. As the years go by, brand reputation and trust should grow in healthy unison with your customer base.
“In the future, everyone will be famous for 15 minutes” – Attributed to Andy Warhol – 1968
“Build your brand reputation and your business will be famous forever” – Attributed to Darren McCowan – 2015
Reputation Effect On Cost Perception
Your price proposition is higher than that of your competition. Problem? Perhaps. But not if everything else about your company is customer-centric.
For instance, I’m selling bananas at £25 a bunch. My competitor across the road offers the same bananas for £18.
It may come of a shock to you that I actually sell more bananas than my competitor who is selling them for a fraction of my price.
I have been serving my loyal customers for just shy of twenty years. They always come to me because my staff and I are always friendly when they approach the shop. We welcome them in with smiles and even give the kids free lollipops.
During term-time, we offer special deals where parents who spend X each month receive £10 in vouchers for children’s clothes at a local store.
There’s also a community competition we run every couple of months, whereby we gather everyone together for races – all contributions going to the top charity for cancer treatments.
My competitor across the road simply sells bananas.
I too sell bananas, but I also buy into my custom base. And this is why I will remain successful..
Reputation Effect On Negative Customer Experiences
No single company is perfect, there are always things that go wrong. It’s how the situations are dealt with that makes the difference.
I had a bunch of bananas returned to me the other week by an unhappy customer. Unfortunately, one of the bananas in the bunch was brown and mushy (it didn’t catch anyone’s eye until the bananas had reached the customer’s home).
As a gesture of goodwill, along with a sincere apology, I gave the customer 2 fresh bunches and another product of choice under the cost of £10. We had a laugh about the matter and even cracked a few jokes.
Towards the end of the conversation, the customer actually began proclaiming it was her fault for being so fussy and she jokingly promised to change her attitude next time she goes shopping.
This was 3 weeks ago. The customer has since returned every weekend and fulfilled a weekly shop to the value of £100+ each time.
Being A Great Seller Of Bananas
So, there we have it – an analogical explanation of how brand reputation is nothing less than crucial in the world of business.
Care for your customers and clients, uphold your brand image using a telephone answering service, do whatever you can to please and always go above and beyond when it is feasible to do so.
It’s the difference between success and failure.