Why your reputation matters…
Everything you do impacts your business reputation. But what exactly is it, and why is it so valuable?
There doesn’t seem to be an academic consensus on a definition for what a company reputation actually is. It is such an intangible concept – everyone seems to agree on that. For us, it is about feelings. What does someone feel when they hear a brand name? What image and perceptions are invoked?
How you have acted in the past, how you act now – affects how you are perceived. It is a sum of your actions, communications, and peoples’ experiences with your business and your brand that build up your reputation.
And your reputation is precious. A good reputation is valuable. Again, how much value a good reputation is worth is open to debate. However, most would agree that if your’s is good, you will win a lot more customers than if you have a bad one.
Why does your reputation matter?
There are many benefits to having a good reputation. In a survey entitled ‘the State of Corporate Reputation 2020’, the top 10 advantages to companies that make a priority of strengthening their reputations are:
- Customer or client loyalty (even when competitors’ products or services are available at a similar cost and quality)
- Competitive advantage
- Better relationships with suppliers and partners
- Attraction of high-quality talent
- Employee retention
- New market opportunity
- Higher share price
- Crisis resilience and risk minimisation
- Greater support from policymakers and regulators
- Ability to charge premium prices / More favourable media coverage
How to maintain an excellent reputation
What can you do to build trust and guarantee that when people hear your company name, they feel warm towards your brand?
There are, of course, many ways to do this, but here at Masters, we believe the following principles enhance the reputation of a business:
- Deliver on your promises. Always do what you say you will do. Build Trust.
- Exceptional customer service – do that little bit more than is expected.
- If problems do arise, be honest, act fast, overcompensate if appropriate.
- Communicate clearly. Ensure your branding and communications reflect the true quality of your offering.
- Create a brand you are proud of. Protect your online reputation.
- People buy from people – never hide behind a corporate front. Be real. Be likeable. Show empathy.
- Be a great employer and a great client to your suppliers. Treat people fairly and with respect.
- Share your knowledge. Help people. Protect the planet. Care.
You can trust Masters Logistical to deliver on your promises and help you to build a position that gives you a competitive advantage.