It takes a lifetime to build an enviable business reputation – it takes a split second to kill it.
Remember Gerald Ratner who wiped £500 million from the value of Ratners jewellers with one speech in 1991? This has passed into business history as "doing a Ratner"
He said: "We also do cut-glass sherry decanters complete with six glasses on a silver-plated tray that your butler can serve you drinks on, all for £4.95. People say, 'How can you sell this for such a low price?' I say, because it's total crap."
People buy from people they trust and who give them a warm feeling of reassurance. But, if they don’t know you personally (and most potential customers won’t) – how do they make a decision about your business?
Here’s how- they use the internet. Suppose you want to book a restaurant to celebrate winning a new business deal with your partner and your new client. You Google some local restaurants and find three. The first one has six 5 Star Reviews, the second restaurant has nine 3 star reviews and the third has no reviews at all. Which one would you pick?
Here is some research from Economist.com to prove the point
What is the biggest mistake any business can make in marketing?
Spending thousands of pounds marketing products or services. We regularly see examples of organisations wasting money and effort promoting an average or poor reputation.
What they should be investing in, is marketing their 5 star reputation.
There are 4 types of reputation your business can have;
Do you know what your online reputation is? You don’t... and you don’t know how to find out? If by now you are feeling concerned, don’t panic. We know how difficult it is to find out so, we have a tool to help you run an initial check on your reputation.
Here’s how you do it. Click http://reputationmarketing.confluxconsultants.com/. It takes 2-3 minutes to come back with your initial report – the starting point in building your 5 Star reputation.
I am an experienced business analyst and digital marketing visionary, and co-author of 14 digital marketing guides. I have worked with top Blue Chip companies as well as smaller businesses in the…
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