Friday, September 8, 2017 10:00AM / Margin
Consider this: 85% of people in Africa trust recommendations from people they know (Nielsen Trust In Global Advertising Report 2015). If there's anything you should believe, it is data and this statistic from a reputable information company should convince you of the power of referrals to drive business growth. But in case you're still in doubt, let's build a strong case to win you over.
Here are the facts of the case:
Fact #1: People talk. You talk, We talk, Everyone talks.
Importantly, we talk more about bad experiences than we do about good ones. Sometimes we do it on our own and sometimes we do it when we are asked, what matters is that we're almost always willing to tell the world about the things we're not pleased with.
Fact #2: People talk about brands (maybe even a little too much).
Your business is a brand and like other brands, it is being talked about. You cannot escape being a topic of conversation, but you can really influence what is said about your brand.
Fact #3: What is said about your brand affects sales.
And not in a small way. The same way one recommendation can lead to many more in a positive chain reaction, one negative thing can start a fire that will cost you a lot to control.
For supporting evidence on a grand scale, refer to Uber's loss of over 200,000 user accounts in January during the massive #DeleteUber boycott that followed the company's complicity in Donald Trump's hugely unpopular immigration ban.
Basically, good publicity can grow your business and bad publicity can ruin it.
For more insights, practical advice and resources visit Margin Here
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