Four Tips For Enhancing Credibility Within The Market Place.
Marketplace credence leads to untold benefits for businesses. These could include boosting sales, attracting warm and qualified prospective buyers, drawing renowned strategic partners, opening up opportunities globally, increasing revenue, and many others.
There are several strategies and tactics that could be applied in order to enhance your company’s credibility, but here are four effective strategies to start with:
1. Form a strategic alliance with reputable companies:
In this case, the term “guilt by association” applies. By collaborating with companies that have influence and credibility within the marketplace, your own company can piggyback on that and shine in their glow. You'll enhance the credibility, clout and reputation of your business, as a direct result of associating with highly-regarded companies.
2. Display client testimonials:
Client testimonials put prospective buyers at ease because that’s proof that your company delivers on its promises. Make gathering testimonials a systematic part of your process of delivering products and services to clients. Before showcasing any testimonial in your marketing pieces, seek permission to do so from the client in question.
3. Enter and win awards:
Winning industry awards will give your business a competitive advantage by providing more marketplace negotiation power, increasing industry leverage, and giving a perception of market leadership – all of which will enhance credibility. There can only be one winner per award, but being nominated or being a finalist will be worth mentioning on your marketing materials. That said, list-type accolades which have a ranking nature, allow for a group of winners. An example of this is Inc. 500 List of Fastest-Growing Private Companies. When entering awards and seeking accolades, ensure that your entry choices are in alignment with your business objectives and strategic direction.
4. Establish an Advisory Board:
When your business is new or unknown, prospective buyers and partners will likely shy away from doing business with your company without a compelling reason. Establishing a respectable Advisory Board and making it visible on your web site, in proposals, and on other sales and marketing materials, is one way to give prospective buyers and partners some peace of mind. The primary task of an Advisory Board is to be a sounding board and/or mentor the company owner/CEO. You may choose to ask your accountant or lawyer or a corporate executive you admire to come onboard. When deciding who to ask, pay attention to their reputation, industry clout, business experience, network, brand, and near future plans.
Implementing each of the marketing methods given above will require a detailed and strategic action plan with timelines for execution. Map out your game plan and work the plan at your own pace. You’ll also need to test, track results, review, and tweak to improve each method. First determine which strategies fit within your overall business objectives. Then, start with one or two methods at a time, and don’t lose focus. Remember that some strategies will take longer than others to produce results, while others may produce results right away. When reviewing progress, look at things from both a short-term and long-term perspective.
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