"Reputation and credibilty for your business" by J. Germain [2/2]

Reputation and credibilty for your business.

In the current climate reputaion is everything by Judith Germain / Developping Leadership

(Source: Start Your Business, December 2008) 

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Can social networking help you build reputation and credibility in your business?

It's important that businesses establish their networking/marketing strategy so that they can decide which social networking sites they should use or maintain a presence on.

Build your credibility by whatever means and keep open minded

Social networking sites like Ecademy can enable businesses to build reputation and credibility for their business quickly. This is particularly true of Ecademy's Life Membership Community, where building advocacy is made easier due to the nature of its composition. Ecademy encourages its members to network on and offline. Sites like Linkedln  can enable businesses to build visibility and connections quickly.

There are hundreds of sites to choose from, so finding a cost and time effective way to utilise them is imperative. Your networking strategy needs to be defined to ensure consistency of your message. The use of sites such as Ecademy can help businesses establish themselves as an expert in their area of expertise. To establish yourself (or your business) as an expert using social networking sites, you are required to be visible to their membership.

It is recommended that you blog and write articles frequently, in your area of expertise, (run and join clubs structured around your them and your personal interests (thus developing an individual reputation). How you communicate and articulate your thoughts on the public and private areas of the networking sites - will guide potential clients and advocates well. Inconsistencies or extreme views contrary to your 'public persona' will do you ill and could even prohibit your ability to gain business.

Freely providing advice to others without expectation of a return helps to build your reputation as an expert and provides an informative view on your character. (This is not the same as providing free consultancy!) Participating in one-to-ones to learn how you can help those in your network can be a positive enhancement to both your reputation and credibility. The return on this activity can be immense.

With the credit crunch still impacting most industries, you need to ensure that you focus your energies on delivering a consistent and compelling reason for clients to work with you; a well defined networking strategy will help you to achieve this for very little cash outlay.

It is a solid, credible reputation (not just increased visibility) that will carry you and your business out of the crunch and beyond. So, look at the way your brand is seen by others and ask yourself...based on the information available to me, would I hire me? If the answer is no, you still need to work at something. Judith Germain is managing director of Dynamic Transitions, a leadership company, which enables their clients to develop, nurture and maintain their reputation in their chosen niche.

Judith provides strategic mentoring for senior executives and business leaders, develops networking strategy and delivers innovative leadership programmes, leadership consultancy, training, coaching and mentoring to corporate clients.

To find out more information on how to bring your business forward in matters concerning HR, management or brand building.

"Reputation and credibilty for your business" by J. Germain [1/2]

Reputation and credibilty for your business.

In the current climate reputaion is everything by Judith Germain / Developping Leadership

(Source: Start Your Business, December 2008) 

In this day and age it is becoming increasingly important to be able to distinguish yourself from your competition so that you become the 'no brainer' choice in your chosen market.

Whilst there are many factors that can distinguish you from everyone else, the deciding factor seems to be the strength of your reputation and credibility in relation to your competition. This is especially true for smaller businesses and 'one man bands' in over-populated niches.

It is essential that you are consistent with what you say and do, especially on the internet where everything that is recorded there is of a permanent nature.

Brand reputation is becoming the ultimate decision maker and to ignore this trend will put your business and earning capacity in peril.

If we agree with the premise that potential clients will only buy high ticket value services from those that they trust, it becomes imperative that businesses consider how to develop, nurture and maintain that trust. The next consideration is to decide how to do this in the most cost-effective way for their business.

This may mean foregoing expensive marketing activity that only increases the business' visibility, but does nothing to lessen the risk of hiring the company.

This 'risk' perceived or otherwise, is continuously assessed by potential clients prior to them making the decision to hire you. The oft quoted maxim of 'the client needs to be 'touched' by you 7 times before they buy', is derived from this premise.

Credibility equals less risk

Lessening the risk of a client hiring you is especially important if the business has decided to use 'pull' rather than 'push' marketing as a strategy for their business. For example, 'push' marketing is where the business advertises its services to its target audience, unsure of whether they are looking for their expertise.

'Pull' marketing is where the potential client 'pulls' your services when he needs it - without specific advertisement. He might decide to use your service based on a referral from an advocate of yours. This means advertising spend has not been made to secure this client.

Those that rely on referrals or social networking to secure work will realise that the most cost-effective way to gain new clients is to use 'pull' marketing techniques to gain business.

First things first

Before building your reputation in your chosen niche you need to first understand your current position. An audit of your situation should reveal (amongst other things); your standing in relation to your competitors, whether your reputation is earning you enough referrals and if your business message is coherent across all your markets.

It’s important to ensure that your current business strategy (including networking strategy) is consistent with the reputation that you have and are building.

Reputation is personal in its nature, concerning itself with the character of the business (or person) and the intention of its (their) actions. It is essential that you are consistent with what you say and do, especially on the internet, where everything that is recorded there is of a permanent nature.

Inconsistency can be the biggest killer of reputation as it undermines the trust that is being established between the two parties. Credibility needs to be demonstrated and is based on your track record and competency. One of the ways to establish credibility is to ensure that your expertise and integrity is demonstrated regularly and effectively.

This can be done by providing expert opinion, a positive and strong personal brand, social proofing and having a strong trust account. This allows potential clients to sample your expertise enabling them to advocate your services or hire your business. If your business (and/or yourself) has a good reputation and credibility, it is more likely to be trusted by your potential clients, therefore increasing your revenue and sustainability. A trust account balance reflects the amount of trust in the relationship at any given time.

“It is a solid, credible reputation (not juts increased visibility), that will carry you and your business out of the crunch and beyond”

In anyone relationship there are two accounts. How we perceive a trusted relationship say one with a client; may not be the same as they see it. It would be wise to try and understand the balance that is held in each account.

Get a lift from online networking (3/3)

Lapota believes that online social-networking sites, when used wisely, can prove to be beneficial to the small-business manager.

“Whereas people traditionally used cold calling or advertising to market their business, over the past 10 years there has been a big rise in referrals,” he said. “This is where social networking can be extremely helpful.”

Social networks provide an opportunity for members to build a profile for themselves and in doing so establish their name and market their business. They then have access to thousands of contacts with whom they can network. Members can read other people’s profiles in order to build relationships, ask for advice or share expertise. As trust builds, referrals become a possibility.

However alluring this may sound, Lapota warns that social networking is not a substitute for going out and meeting people in person.

“The big mistake for any business owner to avoid is turning your back on traditional face-to-face networks in favour of online social networks,” he said. “It may be easier spending a few minutes online each day than taking the time to meet people, but business and referrals will always be built on trust and understanding. That takes getting to know each other – you have to see the whites of people’s eyes.”

Lapota believes that Facebook should be used differently from the online networks designed for businesses. He sees Facebook primarily as an opportunity to let friends and family know what you do – if business does end up coming out of it, then this should be seen as a bonus, not the original intention.

“Where Facebook excels is in breaking down the barrier to getting friends and family to support you in business,” he said. “It’s a business opportunity in a different form as this can be the group that is going to help you the most and support you the most.”

Social networks can facilitate, manage and nurture relationships, but used alone they will never be enough to sustain your business contacts.

With the networking revolution set to gather momentum, joining one of these sites is not going to be a waste of time – rather, by putting in time and effort, the small-business manager is likely to see a wealth of opportunities as a reward.

Sources: Sunday Times

Get a lift from online networking (2/3)

Penny Power is the founder of Ecademy , an online business network. “Joining Ecademy is essentially about being among a group of like-minded people - some of whom are further along the line than you in terms of experience and some of whom are behind,” she said. “It’s about giving as well as taking. You mentor others as well as ask for advice.”

Power also believes that social networks can provide vital emotional support.

“In the corporate world you have other people to bounce ideas off and encourage you. If you are on your own, getting started can be very lonely. Ecademy provides a place to share your worries with others. I often hear of members talking through business problems with other members. They would rather do this than burden their families with it,” she said.

Fay Olinsky founded her business, Personal Chef, in 1994 and has since built from scratch a clientele for her private catering services. Social networking has played an important role in the process.

“When I launched the company I had to get Personal Chef established as a household name, but I didn’t have a big budget for advertising,” she said. “Networking with Ecademy was a godsend. I was able to blog daily about what I did and discuss my business online with the people I was getting to know. I have never needed to pay for advertising and my business has grown steadily.”

Olinsky is logged on to Ecademy for most of the day, but estimates that she spends about two hours updating and reading items. She particularly focuses on writing her blog; her topical comments have resulted in her being interviewed on television and radio.

“I tend to be a little robust and controversial and have views you either love or hate. I attract a lot of comments on my articles,” she said. “This is all good publicity because it makes Personal Chef prominent.”

Along with advertising, Olinsky has discovered many other benefits that being a part of an online community brings – some more unusual than others.

“I can’t be grateful enough for all the free technical advice I have been given,” she said. “Things like having forms designed specifically for my business built for free. I’ve even had advice on how to change a light bulb in a BMW. I put a note up in the online forum and about five minutes later someone had told me how to do it.”

Sources: Sunday Times

Get a lift from online networking (1/3)

A wave of new business networking websites can be used to obtain contacts and advice, and find new business opportunities

Rose Gamble- Sunday Times

“ARE you on Facebook?” Not long ago this phrase would have been confined to a student bar. Now you might hear it anywhere, including the office. In the past few years social networking has become commonplace and is rapidly infiltrating professional life. So do social networks offer any benefits to small businesses and is it worth investing time in them?

Andy Lapota, a networking consultant and director of the online network Word of Mouse , believes social networking is here to stay. He said that the Blackberry and fast, round-the-clock access to the internet had paved the way for online social networking.

“The internet is suddenly much more accessible,” he said. “Without the long download times that frustrated us when we were using telephone modems, we can do so much more online.”

Lapota also believes that the online networking revolution is largely being driven by demographics.

“Many of us have had to learn about the internet, e-mail and other new technology as adults. But now an increasing number of people are entering the job market and business community for whom texting, instant messaging and blogging are a way of life,” he said.

All of this means that small-business managers should not ignore these phenomena but use them to their advantage.

For the business manager thinking about trying them out for the first time, things are not nearly as daunting as they seem.

For a start, “social networking” is an umbrella term. It encompasses the well-known networks such as Bebo , MySpace and Facebook - set up as social tools for students - but it also includes a raft of online networks designed specifically for businesses. The latter are not purely social sites; rather they are online business networks that can provide a host of contacts and potential business opportunities.

Business networking sites normally fall into one of three categories. The first is profile-building networks, such as Ecademy or BT Tradespace . Essentially, these sites let users build up their business profiles by posting details of their activities, writing blogs, joining clubs and exchanging messages with other users.

The second type of site is the brain-building network, such as Web Wednesdays , focusing on an exchange of information and business support. These sites aim to bring together professionals – often from one area of business – to exchange ideas and solve problems.

The third type of site is the referral-building network, such as Linkedin and BT Tradespace, which focus on business building. They aim to connect members so they can get to know each other’s skills and previous experiences, which leads to recommendations, referrals and word-of-mouth marketing.

Making the most of a network

• Don’t be overwhelmed by the number of sites available. Spend time investigating which would be the best for you.
• Select the network you want to join and then focus on it. Do not join too many and then leave your site abandoned.
• Put aside time every day to spend on the site. To be successful at networking, you need to take the initiative.
• Connect with others and ask them what they do. Never try to sell yourself to them without establishing a relationship first.
• Be patient: building trust takes time – do not expect immediate results.

Meet the Expert Evening, 16-04-2008

Meet the Expert Evening - Wednesday 16th April 6-8pm

An opportunity to mingle with business experts and like-minded companies
and entrepreneurs.

Whether you are starting or growing a business, you need to need to think about bank accounts, business loans, legal contracts, online website management etc. There are so many factors you need to consider when managing a business to help it run smoothly!
 
If you are dealing with any of these issues or just have a lot of questions, why don't you come along to chat to our experts:-
 
* Mark Simpson from Simpson Burgess Nash Chartered Accountants
* Fadi Fattahi and Katie Smith from Natwest Commercial Banking
* Stephen Kuncewicz from RALLI Solicitors
* Gabriel Topman - Online Marketing Expert

This event is completely FREE and is exclusive to Striding Out members and Innospace members so don't miss out!- To register click here

This event is being kindly hosted at Innospace, an affordable workspace for graduate entrepreneurs.

Louise Kenworthy
Enterprise & Development Assistant
Enterprise & Development
The University of Salford
Faraday House
Salford
M5 4WT