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“In a busy marketplace, not standing out is the same as being invisible.”

— Seth Godin, Author

Building esteem for your business is crucial for long-term success and growth. I’m a firm believer in mindset as the top driver for individuals and businesses establishing themselves in the marketplace.  Second to mindset, reputation is a large driver of how services and products can be delivered and received.  This article will focus on reputation and “esteem”.  In 2023, there are several ways to achieve this goal and improve your business’s reputation in the market. Here are five strategies you can implement this year.

Focus on Quality

Quality should be the foundation of any business in 2023 and beyond.  It always has been and always will be. If you cannot deliver a high-quality product or service, your existence in the marketplace will be short-lived.  Quality helps differentiate your products and services from competitors, and it builds trust with clients and business partners.  Make sure you invest in the quality of your products, services, and customer experience to create a positive reputation for your business.  By the way, with the rise of solopreneurs and gig-workers, this very much applies.  If a solopreneur is unable to build esteem by delivering high-quality service, then they should probably shift their focus to building a traditional resume.

Embrace Transparency

As we all know, social media is changing the way businesses are viewed in the marketplace and will continue to have an impact in the future.  It is easy for customers to fill their desire to see behind the scenes of a business. Businesses should take advantage of this craving and provide the marketplace what it wants!  Be transparent.  It takes time, but it is simple to do. This can be accomplished without giving away your “secret sauce.” Your values, goals and practices will establish trust and support a higher esteem in the marketplace.  If you face a challenge, share it.  This will build rapport, help your clients understand any obstacles, and grow respect. 

Invest in Brand Identity

Think of the top five brands in any market.  These brands understand that “brand identity” is a critical component of building esteem for their businesses.  Values, mission and personality are all key components of your brand, and don’t forget the personality piece.  Personality can be a differentiator and esteem builder in any market.  This will take some investment.  A logo, website (that works and communicates the brand identity), and other marketing collateral help build credibility and esteem.  Again, think of the top five brands in any market.  The reason they came to mind is because they understand this critical component.

Provide Excellent Customer Service

Henry Ford once said, “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.” I don’t know if this is true, but the point is clear.  Clients and business partners remember how you make them feel!  Think of your worst customer/client service experience.  I bet you don’t do business with that company any longer.  If you are a solopreneur, the service aspect might rely 100% on YOU!  That’s okay.  Controlling the client experience through excellent service will help build esteem for your business.  To put it bluntly, customer service can make or break a business.

Give Back to the Community

Coretta Scott King once said, “The greatness of a community is most accurately measured by the compassionate actions of its members.” Giving back to the community is a great way to build esteem for your business. This can be accomplished in a number of ways, including volunteering or charitable donations.  Other initiatives can be implemented, which will showcase your actions and impact the community.  This applies to both the community (or communities) you are physically a part of, but also applies to professional communities such as industry organizations.  Volunteer for a board or committee, join any sub-organizations that will allow you to contribute to the better good.  Any or all of these items will strengthen your relationship with clients and business partners and will enhance your reputation in the marketplace.  As a side note, the world will be a better place when you contribute!

Building esteem for your business is not a simple process.  It requires continuous efforts with focus, dedication and investment.  By focusing on these five strategies in 2023, you’ll be headed in the right direction toward creating a reputable and successful business. Check out a previous post on ways to stay competitive in a crowded marketplace!