The word “respect” is the key word for any new business. Contrary to popular belief, those first few years are less about earning profit and gaining traction, and more about earning respect in your field, from clients, peers, and even competitors.
Profit and traction can slip away very quickly. For instance, while customers and investors might be in love with your first product, your next product could fall by the wayside, without any loyal customers or investors to believe in it and, more importantly, believe in your brand. If you build a business that commands respect, however, you create something far more resilient than short-term hype.
Respect breeds trust, and trust is what keeps people coming back, even when the market shifts, your products evolve, or you hit a rough patch. With this in mind, we wanted to walk you through a few surefire ways to build respect for your brand, helping you to earn that loyalty and safeguard your company for the future.
Building Respect Through Consistency
One of the best ways to command respect is through consistency. Whether it’s your branding, communication style, product quality, or simply how quickly you respond to clients, consistency is going to affect how everyone perceives your business. People trust what they can count on, so showing up the same way, every time, sends a clear message that you’re reliable and serious about what you do.
Building Respect Through Insurance
Thousands of businesses in the US don’t have insurance, and this is an issue both for the businesses themselves, risking their operations and finances, and for the people who trust them.
Clients and investors want to know that the businesses they work with are prepared and professional, and that they are protected if anything goes wrong. With this in mind, financial protection for business owners is also reputational protection, as it signals to the world that you take your responsibilities seriously and you’re focused on doing business the right way.
Building Respect Through Transparency
Transparency is also important, especially when it comes to personal data. According to a new survey, some 95% of Americans worry about their data being exposed in a corporate data breach, with 61% of respondents having received at least one data breach notification in the past two years.
Following the best cybersecurity practices, then, is both a safeguard for your company’s reputation and a strong marketing tactic. If you’re ultra-transparent and let customers know what you’re doing to protect them, you’re also advertising the integrity of your brand, helping to build trust and respect, not just in what you’re offering, but in how you operate behind the scenes.
Building Respect Through Service
As a business owner, you want to make sure your product or service is up to scratch. That’s the most important thing. But in terms of building respect, you also have to make sure the way you serve it is exceptional.
In another study, it was discovered that 50% of consumers who have had a poor customer service experience will switch to a competitor, and that’s because they’ve lost the respect you’ve worked so hard to build up. Exceptional service, on the other hand, will show your audience that you value their time, their money, and their trust, so make sure you pay attention to those details and utilise the service part of your company to nurture your relationships.
Building Respect Through Accountability
Last but not least, accountability. We can’t stress this enough: no matter how much work you put in or how many safeguards you think you have, things can always go wrong. But that’s okay! Every business makes a misstep once in a while, but the important thing is how you deal with that misstep and ensure no respect is lost as a result.
The best way to do this is to take responsibility. Don’t pass the blame, ghost clients, or disappear when challenges arise; own them and take accountability. By looking at yourself and being transparent both in your wins and your losses, you’re building a reputation for integrity and leadership, and that’s exactly how trust is cemented in everything you do.
Photo Credit: DepositPhotos.com
