There has been a lot of talk in the business world today about the importance of goodwill. Goodwill is an intangible asset defined as a kind feeling of approval and support. It adds value to the company based on admiration and is of great importance to businesses. This can add to the appeal of the product or service on offer and can even protect your business’ good name against unforeseen incidents. Some of the aspects of managing goodwill include the following:
The gap between expectation and experience can make the difference between success and failure. Large gaps often result in lower purchases, whereas small gaps can lead to higher purchases and increased trust in the business.
• Make it very clear what your clients should expect. Create realistic expectations of your business – don’t make ‘puffed-up promises’.
• Monitor the experience – make sure it measures up with what you have said.
• Have back-up measures in place in case something goes wrong.
One of the many criticisms that clients are expressing about companies is their inability to listen to their concerns. This fact is alarming as businesses can improve services and product offerings based on feedback from clients. Make sure that you:
• Demonstrate that your business wants to listen by offering feedback options.
• Let clients lead the conversation by asking open-ended questions.
• Respond to client feedback. Let them know that what they have said is valued by thanking them.
It is essential to integrate these activities into your existing marketing plan in order to maximise communication with your clients. If you would like advice on how to develop goodwill in your business, contact Deborah from Clarity Marketing on 0411 139 881 or email firstname.lastname@example.org.