For a business to survive longer, a positive business reputation is important. The customer’s confidence and trust will have a solid and direct effect on the status and operation of a company. Not too long ago, the importance of reputation in a business has become more obvious like in case of a car manufacturer who has had to endure in the midst of crisis to keep their reputation and build trust in their business community.
Before, many companies depend on their stakeholders’ “word of mouth” to build and keep their hard-earned reputation. In today’s advancement of information technology, companies of different industries must always focus on maintaining their reputation and should keep themselves ready at anytime when hardships or difficulties arise to avoid compromising their reputation. Even if it’s not possible to get hold of it, companies with good reputation can take advantage of: getting more customers or clients, management support during crisis, and increasing marketplace rank of the company.
If a company has maintained a positive industry reputation, it will get more customers or clients regardless if they have existing business competitors offering similar services or products with different price ranges. Organization’s reputation can make a business produce unique products in an industry where competition is very tough, will make it possible to increase their prices, and may help the company keep their customers or clients in the long run.
Based on studies, for instance, that because of a higher demand for more nutritious food items, organic produce and more eco-suitable diet, businesses have started to put their trademarks on the products they market with the use of labeling technique. Also, it becomes noticeable that consumers are likely to pay a higher price for product labels regarded to have more reputable market standing compared to its competitors.
Based on a research conducted in the United States, a company can keep its reputation and build trust in their business community by adhering to the following measurements:
Every entity should make it a point that all people in the organization, from the highest to the lowest rank, behave according to universal business ethics, and at the same time, trustworthy, respectful and admirable.
A company can keep its good business reputation as it keeps up the financial stability of all its departments as well as increasing the number of potential clients that may venture into the business.
A business can keep its good reputation by having skilful or knowledgeable workers, giving only the best for its employees, as well as maintaining the dignity and honesty in the workplace.
Leadership and Creativeness
The company as a whole should have good leadership and creativity to keep its good business reputation.
If a company has a sure vision, top-ranking management style and managed very well, it’ll definitely keep its hard-earned reputation.
A commercial enterprise can maintain its reputation by supporting good causes and recognizing social responsibilities.
If the company is highly committed to clients and cares about the organization, it can absolutely keep its reputation.
If a company offers top quality services and products, keeping its business reputation is a sure ball.
If a business entity can give continuous service and it can make a stand with its services and products then it can keep its good reputation.
Everybody in the company should work harmoniously together and they must have fun while working.
Additionally, if a business entity wishes to keep its reputation for good, below are some of the factors that need close attention:
· quality of communication
Moreover, for a company to increase its market presence and profitability, it should:
· closely check conversations
· start a good reputation online
· responsive during a crisis in business
· keep its employees educated and informed
· assign responsibility
· give service to the community
· keep a professional and noteworthy website
· communicate transparently and effectively
· keep its people updated with the latest technology
· be sensitive to the privacy of the company
· give value of its services
· resolve mistakes and faults
· be responsible
· establish trust
Business reputation usually depends on many factors which includes ensuring that the company keeps its promises to its vendors and customers. For any industry to survive, being responsive, transparent and trustworthy is extremely vital. Even if reputation is generally considered as immaterial, keeping a good company reputation is a pathway to maintaining business relevance, existence and profitability. The company’s reputation is negatively affected if there’s lack of transparency, lack of crisis response, as well as bad techniques of marketing or advertising. Therefore, it’s important that owners of businesses are firm in keeping good company reputation in their business community.