In today’s world most businesses have lower barriers to entry than they did in the past. That means that consumers have a much greater range of choice than they did before.
Those of us engaged in business are now more intimately aware than ever that a reputation takes a long time to build, but can be lost in days. Marketing is the process of elevating your brand into the consciousness of your prospects. If you can become the first company they think about in your niche they will head straight to your website when they need something in your niche. However, if you have a bad reputation then and it will take a lot of selling a massive marketing spend to turn it around and make sales.
Take a look at some of the things that a good reputation does to your business and how it can dramatically increase the return on investment from your marketing campaigns.
4 Great Reasons to Do Business Ethically
- Trust – When we treat our customers fairly we build a relationship of trust. Trust is the key to all relationships. The relationship between customer and business is no different.
If you have a reputation new industry for being trustworthy then what you say in your marketing and your sales calls will resonate much more strongly. You have to overcome as many objections or spends much time building trust in your campaigns. This will increase conversion rates and reduce lead times, meaning greater returns on your marketing investments.
Greater trust also leads to longer term retention. Retaining customers these days is just as important as acquiring new customers. Your new customers can also be your best route to market and the best ambassadors for your business. In the long run only the ethical survive.
- Brand Enhancement – Every businessperson knows that brand image is everything. As the old saying goes “reputation is everything, guard it with your life”. When you do good things in the world your reputation is enhanced and people will naturally want to do business with you.
A good example is Dharma MSP, a merchant services company based in San Francisco, who have built a reputation for doing business with compassion. They have reduced rates for nonprofit organization’s and run with fair honest transparent price models.
While it shouldn’t be the only reason to do good, everybody wants news of their company to travel far and wide and everybody wants to stand out from the crowd. In a world where so much is wrong, doing right can be the best way to stand out. Going the extra mile to take an ethical approach to your business, can do wonders for your marketing campaigns.
- It Feels Good – Doing the ethical thing feels good. Nobody can deny that.
When we feel good we will exude positivity, and this will rub-off on others, delight customers, and make those we touch feel more motivated by what we are doing. When you’re planning your marketing campaigns you want to feel that your business is worth promoting. Your creative juices will flow much more readily when you believe in your product. Doing business ethically is the only way to truly feel a sense of purpose and pride in what you are doing.
Doing good is good for business and your marketing efforts. When you choose to support a charity, go green, or just reinvent the way that you interact with your staff and customers, taking an ethical approach to your business will help your business shine. If your business in an ethical then the success of your marketing and sales approaches will be dramatically diminished.