Price is determined by an executive or a management team. They understand how much a product or service costs to make or deliver, add a margin of profit and the result is the “price”.
Value is the feeling every customer and potential customer puts on the product or service provided. Do not confuse value with price.
Word-of-Mouth is the best form of marketing. If you disagree, please, I’d love to hear why in the comments below. Word-of-mouth is the most authentic and effective because for it to occur successfully, there must be more than a minimum level of trust established. Let me explain.
If I don’t trust you I will never take your advice on anything, let alone a product I will be purchasing. On the contrary, if I trust you a lot (an influencer in my life) I will take your word on what I should buy over any marketing message no matter how clever it is.
Trust equals influence.
As fast as we can share our opinions on Twitter, Facebook, blogs etc. I can’t fathom why more businesses haven’t created incentives for customers to share their delightful experiences online for others to see.
Your brand isn’t your website, store, logo or your OWN perception of your company. Your brand is what other people say about you and the internet makes it much easier to say anything about your company, positive or negative.
This is your warning, it’s only going to increase, how are you encouraging positive word-of-mouth?
Anytime you cross someone in a bad way they will remember. Your reputation is your business. We have the ability to communicate online with thousands of people instantly, it is what those people say about you that becomes your reputation.
Humans remember the bad things much longer than the good, if you have broken someone’s trust in the past I’d suggest working on making it better soon because it’s going to take a while. Think of the last person who broke your trust, have you worked with them since? How do you feel about him/her?
