Goodwill is something that must be built over time, which is why it’s very powerful. Goodwill means that a relationship has been built that is long lasting with consumers, based on the reputation of your business, and will increase the worth of your business exponentially. Hardly anything is more important than building goodwill with your customers. Here are the main reasons why.
Inspire Brand Loyalty
When customers feel good about you, even if you’ve made a mistake, they will be more loyal to the brand. They know you’ll make things right if something goes wrong, due to the experience of it happening or witnessing it happening via social media or news stories. They just know that you’re going to do what it takes to keep them happy.
If you have goodwill with your customers, they will be more likely to tolerate mistakes than if you don’t have it. If most of the time you have proven to do the right thing and have top-notch products and/or services, one mistake is not going to kill the relationship if you do the right thing to fix it.
Differentiates You from the Rest
A lot of business owners have forgotten what customer service is and what it’s supposed to be. They get defensive and they don’t work on building up relationships with people. If you work on customer goodwill, you’ll stand out from the crowd in a big way, endearing yourself to even more customers.
Boosts Your Business Value
When you sell a business, there are aspects that are set in stone such as the price of stock, or the price of the supplies that you have. But, one thing that can be difficult to price is customer goodwill. Your reputation adds value to your business in ways that you cannot imagine and will increase your business’s worth exponentially.
Improves Your Reputation
When customers think of you in a good way due to the goodwill you’ve established with them, your reputation will be boosted because they will talk about you. You have to be nice many times before someone will talk about you but if you’ve worked hard to establish the goodwill you want to create, then it will help tremendously.
Increases Your Customer Base
When customers full of goodwill talk about the businesses they frequent, they’ll talk about yours. They’ll become raving fans that tell everyone they know about how awesome you are and why. This will help you get more customers because as they say, “birds of a feather flock together.”
Helps You Retain Customers
When something doesn’t go quite right, if you’ve created goodwill with your customers they’ll forgive you. One mistake will not kill the relationship when there has been a long line of good things that have happened to them due to their relationship with your business.
When you have generated goodwill with your customers, you will also generate goodwill with your entire audience – even people who have not purchased from you. Think about the store Trader Joe’s. This store doesn’t exist in many communities, yet they’ve managed to develop such goodwill with their audience that they will succeed anywhere they choose to open a store.
If you really want to make a huge dent in your niche, work on building goodwill with your customers. It will pay off in ways that you may not be able to see today, but in a year or two you’ll look back and be glad you did the work necessary.