How Recession-Proof Are You? by:Hannah Samuel
Recession. Its the R word many business owners dread. It can mean blank order books
, slow payment, hours being cut and real fears about long-term survival. However, theres another R word that helps many businesses carry on business as usual, and even excel, through lean times, and that's Reputation.Its the cheapest and most effective way to protect yourself or your business in a faltering economy its free, simple and has been a proven winner down through time.
Businesses that have earned a positive reputation are better able to weather the storms of economic downturns more effectively than those that rely purely on product, price, place or promotion. Their bank of goodwill with customers and suppliers enables them to retain not only existing levels of business, but also attract new business.
When times are tough, having a good reputation is a significant asset and can provide a competitive advantage that can move you from compete to unique.
Developing and maintaining a great reputation isnt about flash copywriting or fancy slogans, but demonstrating old fashioned values such as integrity, being honourable and building trust. Reputation is about who you are rather than what you are selling or providing. It means people will choose to buy or do business with you over competitors because they know you are loyal, trustworthy and will deliver on your promises.
Its the business gold that has stood the test of time. Studies have shown that as much as 85 per cent of business comes by word-of-mouth referrals happy customers recommending you to others. This unpaid sales force can help you grow your business, especially in times of tough recession. However, personal recommendations only occur when the person making the recommendation is confident in your ability to deliver. After all, its not your reputation thats on the line its theirs.
So how can you use your reputation to your advantage and keep your order books full?
Nurture the relationships you have with existing and former customers and contacts. Send them a handwritten card, call them by phone or send them a short, personalised email, 'just to keep in touch'.
Whatever method you choose, make it personal and make it sincere. Avoid being pushy or aggressively selling.
If talking business, focus on value rather than cost or price. Clearly demonstrate how you can save them time, money and / or deliver the outcomes they want.
Customise solutions for them. Not only will this improve your chances of meeting their needs, it will also help set you apart from your competitors.
Actively engage your 'unpaid sales force' of happy clients. Third-party endorsements are 6-7 times more powerful than straight advertising. Ask happy clients to provide a short testimonial for you and add these to your website and promotional materials.
Deliver on your promises - on time, every time - and be willing to be held accountable if things go wrong.
When times are tough, consumers want to know the money they are about to spend will be spent wisely and that the person or company they choose will deliver on the promises they make. Consider reputation one of your most valuable assets and the recession will bite less aggressively.
About the author
Want to know more? Download Hannahs free report: Reputation Branding Essentials and opt-in to receive her electronic newsletter, Reputationz, at: www.hannahsamuel.com.
Hannah is a specialist reputation advisor, professional speaker, author and founder of online performance-based service directory, TRUSTcite. She regularly comments on issues around reputation, trust and integrity in mainstream media and on her blog www.trustbite.co.nz. Contact her by email on: info@hannahsamuel.com. Financial Security and the Perfect Business for the Average "Joe" or "Jane" with Credit Spreads by:Jason Stuart Registered Service Agents - Why Your Company Should Use an Independent Registered Agent by:Jere Jimerson Housing Starts Down? I Don't think So! by:Joel Weihe Project Management Training Courses: So Many Options! by:John Reilin Banks Arent the Bad Guy by:Karla Jo Helms How to Make a Rewards Credit Card Reward You, Not the Company by:Margaret Winfrey The Advantages And Disadvantages Of Secured Loans by:Michael Challiner Business Process Outsourcing in the Philippines through Web Dot Com by:Michelle Fernandez Corporate Social Responsibility in Website Development and Business Process Outsourcing by:Michelle Fernandez All Encompassing Envelope Printing! by:Muqtada Khalid Six Business Lessons I Learned from Beauty Shop by:Patricia Simoneau The Package IS the Product by:Patricia Simoneau Three Sure-fired Ways Small Town Businesses Can LOSE Customer Loyalty by:Patricia Simoneau