As Warren Buffett is famous for saying, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
In that context, your company’s brand is a massive liability. It is incredibly difficult to build up its reputation, and in the world of 24/7 internet reviews and viral sensations, it can only take one misstep to completely destroy it.
If you want to protect your company’s reputation, and prove that you’re a reliable provider to both current and future customers, you need to utilize these four strategic tools.
1. Facebook and Twitter Customer Contact
When a customer has an issue, they’re going to tell friends and family. In fact, a recent study found that customers are 95% likely to share a poor experience with others. Only 85% of those surveyed could recall telling someone about a positive experience with a brand or service. In the world of smartphones, tablets and computers, that sharing is happening via social media.Advertising
Your company needs a proactive social media policy that accomplishes the following:
- Identify positive and negative brand mentions and interactions online.
- Establish contact with dissatisfied customers, and thank satisfied customers for the mention.
- Publicly invite dissatisfied customers to make immediate, personal contact with a team member that can resolve their issue.
- Create content that positively highlights the brand’s USP’s.
2. Proactively Monitor Service Reliability
If you want to identify a hero at creating reliable customer solutions, look at Apple. The Cupertino firm leads the traditional PC manufacturers by double digits in customer satisfaction and component reliability according to Consumer Reports. This is a big part of why Apple is sitting on more cash than the US Government has on hand.
Depending on the type of company you operate, and the services you offer your customers, your needs for monitoring your reliability in real-time will change slightly. Here are a few tools to consider implementing:
- Database Management and Monitoring Software
- Independent contractors must be utilized to reliably survey customer satisfaction.
- Hire mystery shoppers to test your systems and product experience.
- Actively monitor customer engagement; repeat orders, average basket size, etc.
3. Perform Background Checks on Business Partners and Outside Vendors
When your company expands and scales, you’ll inevitably end up working with outside vendors to supplement your existing offering. As you bring on partners, carefully perform background checks to thoroughly vet potential relationships. Creating a partnership with a company that drops the ball will directly impact your company’s reputation.Advertising
For example, Verizon, T-Mobile, AT&T and many other cellular service providers utilize a company called Asurion to administer their hardware insurance services. I can tell you from first-hand experience, working with them to fix or replace a broken phone is a nightmare. I have switched to an alternate provider on more than one occasion due to their failure to provide quick and reasonable service.
Don’t let your company fall into the trap of outsourcing to shoddy vendors. Your customers will punish you for it. It could be the thing that keeps your business from becoming an iconic brand. One of the most iconic brands, the world over, is Sir Richard Branson’s Virgin Media. The vast majority of their business revolves around licensing arrangements, which resulted from the reputation of the brand.
As a recent article points out, “Virgin’s popularity as a brand in the eighties far outstripped its market size and it achieved this simply by challenging everything that our well-established long-haul airline market was built on, publically upsetting the applecart in the process. It has stood by these values ever since and people continue to love the brand for flying in the face of the establishment.”
Becoming an iconic brand requires strong partnerships with reliable 3rd parties, especially if you’re looking to “upset the applecart”.Advertising
4. Utilize Strong Security Software and Policies
Customer data breaches are becoming increasingly common. In 2015 alone there were 781 individually reported data breaches of customer data at a corporate level. This means hackers are able to penetrate a corporation’s firewall and access credit card information, billing addresses, names and potentially social security numbers of customers that utilize a product or service.
According to some reports, the average data breach causes at least $3.79 million dollars in damage to the companies that fall victim to these attacks. These damages take the form of lost sales, higher operating costs and customer losses due to the attacks. Don’t leave your company vulnerable to this kind of loss.
To protect yourself and your company, there are some basic protocols that can be followed:
- Limit personal devices connected to corporate infrastructure.
- Mandate randomized passwords that are changed monthly on all systems.
- Encrypt corporate data before transmitting.
- Aggressively limit employee access to internal data.
- Insure that terminated employees lose access prior to termination.
- Use robust hosting with powerful hardware, software and 24/7 support.
- Educate employees on common tactics used by hackers to gain entry through phishing scams and other illegitimate means.
In A Connected World, Reputations Are Lost in A Flash
Your company and your personal reputation are incredibly important to your ability to conduct future business. Don’t let software snags, hackers, or unreliable vendors cause unnecessary damage to your brand’s reputation for providing a reliable service. You have the power to protect your company, and the four steps mentioned above offer an excellent starting point.Advertising
Are you prepared to do what it takes to provide excellent service and protect your company’s reputation?
Featured photo credit: Cydcor via flickr.com
Last Updated on January 27, 2022
12 Reasons Why You Should Consider Working in Singapore
Nine out of 10 foreign workers are satisfied with working in Singapore, a recent governmental survey reports. Being ranked best for numerous criteria from best intellectual property protection laws to the easiest country to do business in, Singapore also receives a bunch of accolades for the overall quality of life, top education standards and efficient medical system, ranking the nation as the healthiest in the world. So, what exactly makes the City of Lions such an impeccable place to start your career or relocate your business? Here are just 12 reasons why you should consider doing it!
1. Singapore ranks second as the most globalized economy in the world
The Global Competitiveness Report 2014 – 2015 named Singapore as the world’s second prospering economy. By defining “competitiveness” as the set of institutions, policies and factors that determine the level of productivity of a country, the report claims to be the most authoritative assessment of the country’s prosperity and well-being. What does that mean for you and me? High wages, low unemployment rate, excellent work conditions and nourishing business development and investment climate.
2. Salaries are extremely lucrative
As the economy is booming, Singapore companies are hungry to acquire overseas specialists, offering top salaries and lucrative benefit packages to attract highly-skilled workers and talents. With a median salary of 3.500$ per month, software engineers can earn up to 72.000$ annually, whereas general practitioners usually receive around 80.000$ per year, according to PayScale. Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.
3. Progressive personal tax system
Calculating and paying taxes in Singapore is extremely easy and usually takes around 30 seconds to submit your online tax return. If you already obtained a residence permit, your personal taxes in Singapore range from 0% if you earn less than S$ 22.000 per year to 20% for incomes above S$ 320,000. Non-residents are expected to pay a flat rate of 15% from all income gained in Singapore. In addition, all of your earnings gained overseas and brought to the country are not subjected to any taxes.
4. Getting a work/residence permit is really easy…
With a population of only five million, and dropping fertility rates, Singapore is highly interested in acquiring new residence and labor force to boost the country’s economy to soaring heights. If you already have a job offer secured, applying for a work permit would take only a few clicks on the governmental website and you will know the outcome within just one day. No lines, no paper bureaucracy and no huge list of supportive documents or blankly stated requirements. Their entire procedure is even simpler if you are a business owner wishing to relocate your business to Singapore, or a start-up entrepreneur wishing to develop your company within the island. You are likely to receive your work permit for a longer term, plus the renewal process is fast and simple. Residence permits are usually issued along with your work permit for the same period of time.
5. …And the same with permanent residence status
If you have lived and worked in Singapore for over a year and enjoyed your experience, you can start considering applying for a permanent resident card. Again, the whole process can be done online without much hassle or paperwork involved. Among the factors of a successful outcome, expats name young age (below 50), educational background (degrees obtained in Singaporean universities will earn you extra points), the industry you work in (again extra points to those who are involved in scientific research and working with innovative technologies), and your ability to speak one of the four languages. The processing time does take up to six months.
6. The adaptation process goes easy
As English in the main working language you won’t experience the dreaded language barrier. The local society is an absolute melting pot of Chinese, Malay, Indian and British cultures with 42% of population being foreigners. There is a huge amount of expat communities and meet-ups, restaurants serving awesome foods from all over the world, and imported goods you are used to buying back at home. As expats say, “Singaporeans are generally very comfortable with diversity and have been very welcoming to foreigners” with rare case of racism or religion discrimination occurring. There are numerous international and English schools available, along with pre-school daycare centers, so your kids won’t experience much troubles either when changing environments.
7. Top notch higher education
If at any stage you feel like lacking relevant educational background or certain skills to get a promotion, you should consider getting a degree in one of the six Singapore universities. National University of Singapore currently ranks number one in Asia and 22nd in the world offering degrees in Arts, Law, Medicine, Computer Sciences, Public Policy and nearly any other profession in demand. Tuition fees for undergraduate programs range from S$ 28.600 to S$ 129,200 for medical degrees. However, all students (foreign or resident) can apply for governmental grants and tuition aid, cutting down the costs by 50%, as currently around 20% of government spendings go into education. If you are aiming at a top executive position, getting an MBA in Singapore will cost you S$ 58,000 full-time or part-time.
8. It takes three days to open a business
Being ranked #1 for the ease of doing businesses by World Bank consequently for seven (!!!) years, starting your business in Singapore is easy and fast indeed. The whole process is done online and your registration will be deemed completed within a few hours after you pay a registration fee of the S$65. Afterwards, you can either refer for further assistance to ACRA (Accounting and Corporate Regulatory Authority) offering you a huge selection of agencies and providers to handle all your business needs – from business start-up services to preparing all the documents for your annual returns.
9. Singapore is rated #1 as the best labor force in the world
As your business grows and you feel it is time to expand, hiring new professional team won’t be much of a struggle. With expats and work migrants flooding the market, local labors are known for their effectiveness, strong work ethics and superb educational profiles. Filling in top executives and managerial positing will not be a problem either as the share of high-skilled professionals with relevant background rose from 27% in 2003 to 31% in 2013. Moreover, 25% of residents reported to have worked for the same company for 10 years, which means less personnel changes and headhunting.
10. Low crime rates and zero corruption
Currently ranked the 5th least corrupted country in the world, Singapore surpassed a long chain of reforms and law enforcement practices on the road to a bribe-free society. The Corrupt Practices Investigation Bureau has kept an eye on matters since 1952 and tries all cases according to strict Singapore laws with long-term jail sentences and huge fines up to S$ 100,000. Same goes towards any sort of crimes–even minor offenses are treated with extreme severity. Think: three months of jail and three hard cane strokes for painting graffiti on a war memorial. When living and working in Singapore you don’t need to worry about your belongings getting stolen, nor your life threatened. Besides, you don’t need to have any sort of “special connections” to do business and get through all the legal and bureaucratic procedures.
11. You can become a millionaire in less than 10 years
According to a recent report issued by Boston Consulting Group, over one half of wealthy Singaporeans accumulated the majority of their wealth in less than 10 years. That’s the quickest growing rate in the world. Now, Singapore boasts one of the highest millionaires’ density in the world with 8.8% of the population having assets over one million US dollars. The phenomenon exists due to the ease of doing businesses in Singapore, advantageous location with easy access to nearby booming markets of India, Indonesia and Malaysia and quick implementation of progressive new technologies.
12. Absolute political stability
Obviously, your business and you as an employee do not exist in a vacuum and are highly dependent on governmental policies and law-making. The Singaporean government is known for conducting open and fair policy towards constantly introducing new laws, tax relieves, and regulations to enhance the countries’ business environment even more. With the People Action’s Party forming the majority in Parliament since 1965, Singapore has a very stable and orderly government indeed.
Featured photo credit: Larry Teo via unsplash.com