Lose a shred of reputation for the firm, and I will be ruthless.”ĭuring his childhood, Warren Buffett saw that having enough money was the key to being secure and free this spurred the young Buffet to begin his quest to accumulate as much wealth as possible. “Lose money for the firm, and I will be understanding. Building a strong, lasting reputation means getting your entire organization, including sales, shipping, customer service, marketing, and product design, on board with your commitment to customer satisfaction. This means keeping your promises-even implied ones. To create a trustworthy brand and grow your company, you need to meet customers’ needs during every interaction they have with you. This is only the first step in the consumer/business relationship. Your job isn’t done once you acquire a new customer. “A promise is no better than the person or institution making it.” He also emailed the company’s employees to warn them of the business’ unfair employment practices. In one example, Kourosh Kenneth Hamidi, got revenge after Intel fired him by creating a website all about how terrible it is to work for Intel. Merely saying that you “truly value your clients” in your mission statement isn’t enough to offset the fact that your customer support team is rude or ill-trained.Īnother reason it’s so important to avoid hiring any “bad apples” is that when you inevitably end up letting them go, these disgruntled ex-employees can stir up a social media storm that will further damage your company’s reputation. Therefore, you need to make sure that all your employees, from the mail clerk to the CEO, display the highest levels of integrity and responsibility. Every interaction customers have with your employees has the potential to shape what the public thinks of you. While this doesn’t appear to be about reputation on its face, it actually is because Buffett’s advice here is a great way to improve your company’s image. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” “It’s better to hang out with people better than you. According to a Zendesk study (PDF), 95 percent of individuals who had poor experiences also share their stories on review sites, which can cause potential customers to avoid your business. On the other hand, if a customer associates your brand with dishonesty or obfuscation, then the negative association will linger in his or her mind, thus making it is incredibly difficult to win back the person’s trust. In fact, according to a 2016 report by the Temkin Group, 86 percent of customers who have good experiences with businesses choose to buy from those firms again, and more than 75 percent of these happy clients will tell others about their positive experiences. If your firm has a strong culture of honesty and transparency, then everyone who deals with your firm will witness it and remember it the next time they need a product or service you offer. “Integrity is a reputational advantage that others will weigh in subsequent dealings” Using the following Buffett quotes, we explain why this is true and how it applies to your business's online presence. Simply put, your reputation, and/or the reputation of your business, are among the most important factors in determining whether or not you are successful. One consistent theme in that advice is the value of a good reputation. Consequently, many people seek his advice regarding business and investment decisions. In fact, Buffet has beaten the market more than any other investor. Most of this wealth comes from his achievements in the stock market. Known as the “Oracle of Omaha,” the 91-year-old Buffet has a net worth of $103.9 billion, which makes him the sixth-richest person in the world. Warren Buffett, the CEO of Berkshire Hathaway, is one of today’s most respected businessmen-and he got that way, in large part, by placing a premium on the importance of reputation.
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