Why Reputation Matters [And How To Build A Good Reputation In Business] 2

Why Reputation Matters [And How To Build A Good Reputation In Business]

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“Reputation” is a word that gets thrown around a lot in very tense moments.

For example: When the Galaxy Note7 by the Samsung group was released in 2016, everyone expected it to be the best, most advanced, and most admirable device on the market. It was supposed to be a major deal, and it was until…

In early August 2016, shortly after it was released, complaints started hitting the front desks, with several more popping online about overheating and explosive batteries which prompted a global recall of the phones.

Samsung quickly took responsibility, and proactively made efforts to resolve the fiasco.

The mishap cost Samsung about $17billion in sales according to Credit Suisse analysts

However, we can tell the company did not lose its reputation because its accountability and honesty turned customers and even bystanders into supporters.

What Is Reputation (In Business)?

The Reputation of a business is the opinion that its customers have about it; how much admiration and respect it commands in the eyes of the public.

Sadly, a huge number of young entrepreneurs – like those who run local businesses, online stores, or sell on social media platforms – are hellbent on making profits even if their customers are dissatisfied…at the expense of their business reputation…

Why It Is Important To Protect Your Reputation (In Business)

Despite its high value, reputation is quite fragile; hence it needs to be protected

A classic example of this can be seen in the case of “Samsung exploding batteries”. What was supposed to be a full-blown catastrophe, a stain on their reputation, was averted because they knew how to protect their reputation

How do you protect your reputation (as a business)? Look at Samsung

By going out of their way to show the extent they felt remorse, and how much the satisfaction of the customers was a priority, the brand changed the narrative.

Having a good reputation is important because 

  • A strong reputation influences people’s emotions: People frequently listen to their feelings when making a choice. For example, a good number of people who might be reading this article are doing so because it was written by me or sent to them by someone they know. Sentiments are good for business. All marketers know the customers must know, like, and trust you to buy.
  • Opinions spread like wildfire, and it either waters or burns your business. Imagine what John and Rachel might have said about the Samsung Galaxy Note7 if nothing was done, “hey! that phone is an improvised time bomb, keep it as far away from me as possible”, and bystanders would have taken note, then said same things when next they saw it with someone else. It would have been an endless loop of mockery, fear, bad business. Once your business is launched, each customer’s review, complaints, or star rating is important.
  • Very few people would want to be associated with the weak, fragile, or unstable: This is true for businesses as much as it is true for individuals. Samsung would have appeared weak and unsafe if they hadn’t put out a strong face by issuing a recall on the phones. People are likely to make market selections based on the person or company’s track record; reputation. And…
  • A good business reputation attracts and keeps better people/workers/teams, loyal clients, and followers, which then translates to greater efficiency, more business opportunities, more money, and exponential growth.

The importance of an impressive business reputation is glaring. So much so that the next logical question is “How to build a good reputation in business?”

How To Build A Good Reputation (In Business)

Much of building a good reputation in business is based on uniqueness, authenticity, and reliability, just as in building a personal reputation for oneself.

To build a reputation in business simply do the following 

Create A Visual Or Graphical Identity

Your Customers are humans, and humans want to identify themselves with things they can see and understand. This could be Names, logos, faces, etcetera. 

Every imagery associated with you or the company is paid attention to. 

It doesn’t have to be too fancy or classy, but it needs to be unique – just like Samsung simply used its name for a logo. 

The goal is to easily distinguish yourself from the crowd so that your people can have a feel of what your business is all about at a glance.

Consider this your first impression

Share And Live Up To Your Philosophy, And Voice:

A key aspect of your reputation lies in the vision and values that guide you. People can see through lies, tricks, and B.S. 

They can smell it miles away like wolves, and would pounce and tear to shreds the facade. 

So you must genuinely display your values and share them in places like social media, blogs, magazines, etcetera. 

Consider this a first date; or series of dates.

Serve Beyond Expectations.

This was exactly what Samsung did after the explosive batteries fiasco. Not everyone expected such a transparent and accountable response from the group.

It’s the simple yet overlooked gestures such as being;

  • honest,
  • accessible,
  • responsive,
  • reliable,

and owning up to your mistakes, 

…that counts after all.

Consider this the actual relationship

Connect With Other Reputable People

Linking up with the right people enables you to access opportunities you wouldn’t have been able to find on your own, plus their reputation also rubs on you

Be Good Online And Offline.

Life continues outside the Internet. Remember, there are also people out there in the real world to reach out to, places you would need to visit, things you actually need to do to build a good reputation.

Just as Richard Branson said; “ Your brand name is only as good as your reputation.” So invest your time in building it.

Final Thoughts On Reputation

The big dogs in the industries understand this – and now you do too. Now it’s time to bite the same size of bones they bite on and howl with a good loud reputation for an impressive career and life.

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