‘REPUTATION’ is the overall image of a business such as products, brand and its trademark. I will refer to reputation in a broad term in this newsletter. Most businesses spend a fortune on creating a reputation because they understand the importance.
“Why do you prefer Shoprite to local retail shop? Why do you prefer Slots to local stores by the roadside?” I know the answers are echoing in your ears. Cast your mind upon these companies - Leventis Foods, Unilever, Bata Shop, Concord Newspaper & UAC, and so on. They had one genuine trait in common, they were radical about the “perception” their customers had about them.
Ethics of Business and Purpose of Reputation
The ethics of the business lies in the “perception” of the customers. Aside from the ideology your business creates, it is quite important to carry everybody along; especially those directly involved in the development of the company’s reputation. Train and educate your staffers to inculcate the business ideology and value system.
A sure way to rubber-stamp your reputation in the marketplace is when your employees understand the core value and mission of the business. To shape your customers’ experience and get a good review of your brand you have to listen to the customer along the way to keep in touch with the market realities.
A few years ago, Coca-Cola’s reputation soar in the market due to a marketing strategy they took on their product. Notwithstanding, Coke is among the top leading products across the globe. The campaign ‘Share a Coke’ first came up in Australia in 2011. The campaign received a huge acceptance from consumers and Coke became the most sought after soda in that millennial.
The campaign was a success due to the fact that the brand connected with their consumers on a personal level. (gave them not just a drink but shared their personal experience). Also, they made a call to action (share a coke with) and created an online media content (#shareacoke).
As the pilot of your business, you need to understand what perception do consumers have towards your business. An understanding of what they think about your business can set you on the right track to achieve milestones with your products or brand.
Why you should consider a Reputation
According to the National Survey from Small Medium Enterprise Development Agency of Nigeria (SMEDAN). We have over 41.5 million MSMEs registered in the year 2017 in Nigeria. I guess you tried to ask yourself what could be the figures now? The chances of your SME getting known amidst these figures are extremely slim. Hence, the reason to consider having a reputation to stand out. “One of the main drivers of brand strength is to create and maintain points of differentiation. Differentiation is the engine of the brand train.”
Few of the reasons why reputation should be considered are as follows;
Reputation adds a flavour and value to your product. A distinctive recognition that no other competitor product has in the marketplace.
It is a proven fact that people deal with businesses they’re familiar with. This underscores the loyalty badge and referrals from customers.
The business’s reputation provides motivation and direction for your team.
Finally, it creates value for your organisation by generating assets.
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