Building reputation and credibility for your business
In this day and age it is becoming increasingly important to be able to distinguish yourself from your competition so that you become the ‘no brainer’ choice in your chosen market. Whilst there are many factors that can distinguish you from everyone else, the deciding factor seems to be the strength of your reputation and credibility in relation to your competition. This is especially true for smaller businesses and ‘one man bands’ in over populated niches.
Brand reputation is becoming the ultimate decision maker and to ignore this trend will put your business and earning capacity in peril.
If we agree with the premise that potential clients will only buy high ticket value services from those that they trust, it becomes imperative that businesses consider how to develop, nurture and maintain that trust. The next consideration is to decide how to do this in the most cost effective way for their business.
This may mean foregoing expensive marketing activity that only increases the business’ visibility but does nothing to lessen the risk of hiring the company. This ‘risk’ perceived or otherwise, is continuously assessed by potential clients prior to them making the decision to hire you. The oft quoted maxim of ‘the client needs to be ‘touched’ by you 7 times before they buy’ is derived from this premise.
Lessening the risk of a client hiring you is especially important if the business has decided to use ‘pull’ rather than ‘push’ marketing as a strategy for their business. For example, ‘push’ marketing is where the business advertises its services to its target audience, unsure of whether they are looking for their expertise. ‘Pull’ marketing is where the potential client ‘pulls’ your services when he needs it – without specific advertisement. He might decide to use your service based on a referral from an advocate of yours. This means advertising spend has not been made to secure this client.
Those that rely on referrals or social networking to secure work will realise that the most cost effective way to gain new clients is to use ‘pull’ marketing techniques to gain business.
First things first
Before building your reputation in your chosen niche you need to first understand your current position. An audit of your situation should reveal (amongst other things) your standing in relation to your competitors, whether your reputation is earning you enough referrals and whether your business message is coherent across all your markets. It’s important to ensure that your current business strategy (including networking strategy) is consistent with the reputation that you have and are building.
Reputation is personal in its nature, concerning itself with the character of the business (or person) and the intention of its (their) actions. It is essential that you are consistent with what you say and do, especially on the internet where everything that is recorded there is of a permanent nature. Inconsistency can be the biggest killer of reputation because it undermines the trust that is being established between the two parties.
Credibility needs to be demonstrated and is based on your track record and competency. One of the ways to establish credibility is to ensure that your expertise and integrity is demonstrated regularly and effectively. This can be done by providing expert opinion, a positive and strong personal brand, social proofing and having a strong trust account. This allows potential clients to sample your expertise enabling them to advocate your services or hire your business.
If your business (and/or yourself) has a good reputation and credibility it is more likely to be trusted by your potential clients, therefore increasing your revenue and sustainability. A trust account balance reflects the amount of trust in the relationship at any given time. In any one relationship there are two accounts. How we perceive a trusted relationship – say one with a client, may not be the same as they see it. It would be wise to try and understand the balance that is held in each account.
Can social networking help you build reputation and credibility in your business?
It’s important that businesses establish their networking/marketing strategy so that they can decide which social networking sites they should use or maintain a presence on. Social networking sites like Ecademy (www.ecademy.com) can enable businesses to build reputation and credibility for their business quickly. This is particularly true of Ecademy’s Life Membership Community, where building advocacy is made easier due to the nature of its composition. Ecademy encourages its members to network on and offline. Sites like LinkedIn (www.linkedin.com) can enable businesses to build visibility and connections quickly. There are hundreds of sites to choose from, so finding a cost and time effective way to utilise them is imperative. Your networking strategy needs to be defined to ensure consistency of your message.
The use of sites such as Ecademy can help businesses establish themselves as an expert in their area of expertise. To establish yourself (or your business) as an expert using social networking sites requires you to be visible to the membership. It is recommended that you blog and write articles frequently, in your area of expertise, run and join clubs structured around your expertise or around your personal interests (thus developing personal reputation). How you communicate and articulate your thoughts on the public and private areas of the networking sites – will guide potential clients and advocates well. Inconsistencies or extreme views contrary to your ‘public persona’ will do you ill and could even prohibit your ability to gain business.
Freely providing advice to others without expectation of a return helps to build your reputation as an expert and provides an informative view on your character. (This is not the same as providing free consultancy!) Participating in one-to-ones to learn how you can help those in your network can be a positive enhancement to both your reputation and credibility. The return on this activity can be immense.
With the credit crunch still impacting most industries, you need to ensure that you focus your energies on delivering a consistent and compelling reason for clients to work with you and a well defined networking strategy will help you to achieve this for very little cash outlay. It is a solid, credible reputation (not just increased visibility) that will carry you and business out of the crunch and beyond. So, look at the way your brand is seen by others and ask yourself…based on the information available about me, would I hire me?
Tags: business, Business Development, Business Growth, Reputation and Credibility