November 27, 2017
Many startups will focus on marketing and product development, but savvy entrepreneurs and small businesses often knowing just how important reputation is as well. Regardless of size, a company that understands this early on will experience less friction with their marketing and growth when they embrace a marketing strategy that builds equity for future endeavors.
Businesses often think growth is mostly about new customers, but in some ways this couldn’t be further from the truth. While acquisition is important, managing churn isn’t to be overlooked. Customers shouldn’t be a revolving door. Managing the customer experience reduces the defection rate, encourages repeat purchases, loyalty, and less significantly less costly than acquiring new customers.
From the moment first moment of engagement with your business, the customer experience begins, from what’s read online in reviews, articles and social media to any interactions that occur with your brand or business that may occur. The customer experience also influences the perception of a brand, its reputation, and word of mouth referrals.
It’s not what you say your business stands for that defines it, but what your customers say. Consumers see reviews almost every time they search, and over 80 percent trust reviews as much as a personal recommendation. It’s what past customers say that helps to build trust of your company, and the customer experience has practically everything to do with this.
Building your reputation and trust through online reviews allows businesses to create their own word of mouth referrals, which improve customer acquisition and sales. Companies need to think in terms of reputation marketing, not management, to develop these opportunities.
First impressions online often start with search, and consumers see and rely on reviews, ratings and what others have to say before they’re confident to give you their business. This is heavily influenced by the reviews and feedback of past customers and their experience with your business. Reviews can be one of the most potent mediums for a business, and it’s reputation. It takes time to build, and your (potential) future customers will measure you against it. It’s never too early to think about your brand, and essential to your marketing strategy.
Including these tactics builds brand equity that can be measured, reduce costs, and also impact customers as well as investors of your startup. With 80 percent of future profits coming from 20 percent of current customers, there’s a clear need to relate how customer experience, reviews and reputation all work in a cohesive manner that has considerable influence on how well your business performs.
Keep in mind that a strategy is pointless without execution. It’s never too early to think of your brand, because lost time is a lost opportunity to building that equity mentioned earlier. Leaving to chance is at the peril of your business and its future. A strong marketing strategy relies on many aspects, and these are a few to focus on to help find success.
Find more tips to boost your brand reputation on TechCo
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