When you consider what is important about your business, you can likely think of hundreds of small yet vital aspects of your company. This article, however, aims to investigate and explain why these four aspects of any business are critically important, regardless of the company.
1. A Recognisable Brand
A strong, recognizable brand is so important to business it is a universally accepted fact that good branding is good business. However, it is important to examine exactly how beneficial good branding can be.
It has been reported that it costs upwards of 5-6x as much to acquire a new customer than to retain an existing one, and loyal customers are worth up to 10x as much after they make their first purchase. Having a strong brand that a customer can recognize is incredibly valuable in terms of customer recognition’s potential revenue.
Further, most marketing techniques center around a recognizable and empathetic relationship between customers and your business, meaning that having a strong brand will ensure your marketing techniques are that much more effective.
2. Effective Teamwork
A solid, well-oiled team is exceptionally useful to business, so much so that companies selling software to collaborate with teams are a vibrant and booming business of their own. In fact, effective teamwork is as fundamental to the basis of business as delegation itself. You cannot enter business with a team you do not trust to deliver results. If you do not have a strong and well-developed atmosphere of teamwork in your business, then you are unlikely to find as much success as a company that does.
3. A Strong Web Presence
Like it or not, the vast majority of businesses are now dependent on a strong and well-reviewed web presence in order to appear reputable. In fact, 85% of people conduct online research before making a purchase. This means that if your company isn’t competing online, there is a major chance you will be passed over for a company that is.
Beyond that, if you don’t have a strong web presence, you are unlikely to engage in inbound marketing. This is a substantial loss of potential marketing value as inbound marketing has been reported to be up to 10x more effective for lead conversion than outbound marketing.
All said and done; it is clear that a strong, recognizable, and well-developed web presence is becoming increasingly important to compete in a business landscape.
4. A Reputation for Honesty
Everything you say will be remembered in the age of the internet, immortalized by websites like the Wayback Machine, which holds an extensive archive of the internet. This is to say there is no surefire way to erase what you have put on the internet and, because of that, it pays for you to do what you say you will.
By the very nature of honesty, customers will be far more likely to trust a company that always keeps its word and accepts fault for its mistakes. Generally speaking, customers are more likely to want to deal with a company they can trust.