A Good Reputation Improves The Value of Your Business
Whenever a business is sold one of the main assets is the Goodwill of the business.
This figure can even be higher than the physical assets of the business.
Apple attributes 58% of its current market value to its solid reputation and many other fortune 500 companies feel the same
Goodwill is built up by providing excellent service and having a steadily increasing stream of customers or clients.
I have known entrepreneurs who have specialised in buying companies with poor reputation and hence very low goodwill and then turning them around by providing excellent service.
One gentleman I know from years ago really made a killing in this way because in the past capital gains were tax free.
Many things have changed over the years and now it is becoming easier to generate Goodwill by using a strategy known as Reputation Marketing.
Before the internet people would ask a friend. This became Word of Mouth Marketing.
WOM marketing no longer works as well because consumers now ask Google.
To have a good Online Reputation you must use Reputation Marketing to ensure you have 5 star reviews and testimonials for consumers to find
With the advances of the internet 72 % of potential new clients will search the internet to discover what others are saying about the businesses they want to patronise.
Savvy owners are taking note of this and are actively promoting their reputation through the internet
Google have now made it a lot easier by providing Google Plus pages.
This is really aimed at helping local business to improve their standing in the community.
Your local customers on the Gold Coast
The majority of customers will come from a 5-10 km radius of the location of the shop or office.
Customers will search for the keyword followed by a location. In our case either Gold Coast or one of the suburbs of the Gold Coast.
This narrows the search for the customer but also makes it easier for astute business people to market their reputation and service
Customer are not just buying a service……. they are looking for someone reliable to provide that service.
Have you done anything to convince them that’s you?
Google Plus Pages and other local directories are the best means of promoting your business in this way and if you adopt this strategy you are streets ahead of your competition. Less than 10% are even attempting to do so and less that 5% are doing it properly.
If you want to be in the elite group that are achieving great results contact our business consultant now