Nobody wants to put weeks, months, even years, into their business only for it to fall at the first hurdle. And if there is one thing that is crucial to the success of your business, it is your brand. Your brand is not simply your logo or your slogan; it is your reputation. It is what people say about you when you’re not in the room. In a global marketplace that is quite often saturated with competition, it is important that you have a way of standing out from the crowd. Below are a few reasons that having a strong a trustworthy brand will benefit your business.
If there’s one thing that’s going to keep your staff loyal to you, it’s pride. If they are proud to say that they work for you, you’ve already won them over. You can even develop your brand further by speaking to your employees about what they need. Good pension schemes, and Employee Assistance Program and even an Outplacement service can all provide some strength to your company’s reputation as a good place to work. Try your hardest to cultivate a positive and supportive culture around the workplace. Do everything you can to ensure that your employees are looking forward to heading back to work on a Monday morning.
Customer retention and growth
This is where you can really start to see those dollar signs in your eyes. Not only will your reputation as a good employer mean that your customers will want to use your services, but you can also build on your reputation by providing a first-class service. You can work hard to nurture lasting relationships with your clients. If your customers feel valued and taken care of, they will be more likely to recommend you to their friends and colleagues. This means that you will experience a growth in your customer base without incurring any heavy marketing costs. Word of mouth recommendations are the kind of marketing that people trust the most, and you can’t buy. You must earn it.
As your customer base grows, you will likely need to hire more staff to deal with the increased workload. For every day that you have a vacancy that is unfilled, your business is essentially losing money, so you want to hire the right people as quickly as possible. Good quality staff will naturally gravitate towards good quality businesses. How do they know which are the best businesses to work for? They find out what their reputation is. If you have built up a reputation as a good provider for your customers, and a good employer for your staff, you will find that the best job seekers are lining up at your door.
Building a strong reputation takes time and consistent hard work, but once you have earned it, it will pay dividends to your business growth. Be wary not to relax and simply ride on the coattails of success though, a good reputation can be lost much quicker than it is made, and a bad reputation is not easy to shake off.