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Get the Formula for Success

The importance of revenue to your business goes without saying. With so many ‘secrets to success’ and techniques to boost sales, what’s your strategy to consistently increase revenue? Maybe you think it’s a rock solid referral plan, or a well thought-out sales funnel and marketing strategy. And if you are like most businesses you don’t really even know.

My formula will only work if you do. You have to be willing to put in the hours and the energy to evaluate your business, create a powerful strategy, and most important, implement the plan without exceptions. When I say, ‘without exceptions’ I mean, be consistent and follow it through. Growing each component of this formula will result in what we’re all dying for…...sales. There’s my disclaimer. So, listen up folks- 

REPUTATION x REACH = REVENUE

Surprised “REPUTATION” is such a big deal? Reputation precedes revenue. Your reputation is actually the lifeblood of your business! You may think your brand is first all about your logo, your tagline, or a beautifully designed website, while your public image may surely be important— the essence of your brand is really about your reputation. You can build a logo in a week but it can take up to a year or more to build a rock solid reputation. And even then it’s ongoing. Just because you were great once or even twice with a customer doesn’t mean their opinion of you will last forever. It just takes one bad experience and they will blow you up online on a major third party review site like Google, Facebook, or Yelp... that is glaring to both you and your potential customers. You can lose up to 20% of revenue from a single bad review. I’ve even heard a single negative review online on average will cost you 30 customers. Now that’s something that would keep a business owner up at night.

Are you reading this and asking yourself, how important really is reputation? Well...almost 90% of consumers decision to buy was influenced by positive reviews and 81% of consumers research online before making a purchase (Aberdeen Group). That data alone should make you laser focused on your company’s public image. I know, I know...it’s all about revenue. But for me to “show you the money,” you first have to have a strategy for your reputation and I promise, it's not as easy as just providing good service.  

Here’s a great example of the formula at work in a leading brand in the food industry, Chick-Fil-A. Chick-Fil-A is not only investing in higher quality product to serve up but also providing positive customer service on the front line. CEO, Steve Richardson, focuses on developing relationships with target markets (like, college students, alumni, college football fans) and promotes it on channels they use every day (social media and third party review sites). Chick-Fil-A steadily grows in revenue year over year, and consistently implements Reputation x Reach. And they are winning!  The fact is, reputation strategies are key, no matter the size of the business, agency, or restaurant. 

I hope you are starting to get the picture. Many think the lack of revenue moving is their greatest problem but in reality— it’s the lack of reputation. Again...reputation precedes revenue, you should be focusing on demonstrating trustworthiness, credibility, and reliability to your customers. So don’t get ahead of yourself. My success formula is EASY and is clearly broken down into: your reputation, AKA the relationships developed by your business, multiplied by the amount of people who know about them, AKA your reach, will result in revenue. And your revenue deeply relies on the relationship you develop and grow with your customers. So, leave the best impression on each person your company or brand engages with and revenue will follow.

Where to start? You have to make the conscious decision that your reputation is so much more important than your revenue and in the end you will always win the revenue game. For example, if a customer is upset or unhappy with the product or services — refund them the money, your reputation is so much more important than that one transaction. I know it can be a tough pill to swallow sometimes but if you focus on reputation, revenue will show up as a byproduct. By now, I hope I’ve helped you understand that results, positive or negative, all count towards your reputation. And you can have the best product or service in the world but if you don't have a strategy to reach people and tell them about it, you have no reputation. Because guess what, your reputation is only existent if YOU exist in your customer’s mind and establishing a positive reputation is crucial.

Now that you’ve made the mindset shift, I’ll talk strategy in my next post. Here’s a quick tip so I don’t leave you hanging...get a technology that makes it quick and easy for your customers to leave you reviews on all the major third party sites AND make sure that technology has a filter question in an effort to keep unhappy customers from blowing your business up publicly.  

Thank you for reading, I’m Katlin Cauffman - I provide insider secrets to all things marketing. Please like & share my blog with a business owner or marketing director that could benefit!

If you’re looking for ways to improve your reputation please watch & share my video:

👉Getting an Impeccable Reputation & Consistent 5 Star Review 💥

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