Yesterday was the last session in the Greater Memphis Chamber's Equity and Diversity Series. Carolyn Chism Hardy with Chism Hardy Investments, Joyce Douglas with Shelby County School MWBE Program, Jozelle Booker with the Mid-South Minority Business Council Continuum, and Mark Yates with the Black Business Association of Memphis were fabulous discussing Getting Real about Supplier Diversity. If you missed it, catch the replay on their YouTube channel. The topic got us thinking about how companies can benefit from focusing on supplier diversity as well as what could be some of the ways that small minority and women-owned business can build up their credibility in the community.
Earning and maintaining a good reputation is challenging for both new and established businesses. Businesses exist in an age where the public often feels companies are irresponsible, dishonest or are only looking out for their best interests. Although it is possible to make a good name for your business on a local or a national scale, doing so can be an uphill battle. Following a few tried and true public relations strategies can help build a business' good name and reputation.
The nature of modern advertising is to pump up businesses' capabilities and consumers' expectations. Often, these expectations can be overblown, leading to disappointment. The first and most obvious challenge of any business is to follow through with the promises delivered through its marketing and advertising. New businesses have an upper hand at this and are wise to begin with clear cut expectations in their company's philosophy about enforcing the honest delivery of promises and products.
Businesses can strive to establish credibility by using four important strategies: offering good communication from executives, being socially involved, supporting diversity and being consistent.
Credibility must be supported by communication from the top. When executives and upper-level management appear to be accessible and approachable, the business wins. Communications professionals should always treat messages delivered through executives with the utmost care, as they are the most important to the customers and community. When a CEO or other managerial figure delivers an explanation, apology or good news, the audience is more likely to listen.
Social involvement is a good way to quickly make a name for your business. When people know your business cares about society, they will begin to care about your business and look out for its best interests. When a business appears to exist for the better good, people will have an invested interest in making sure the business succeeds. As with any public relations technique, the public must be aware of your efforts, so make sure the message gets out.
Diversity as a company policy can also support business credibility. Not only is diversity a great way to incorporate a variety of talents in a business, but it makes the business relatable to a wide variety of people. People tend to trust that with which they can identify, and a diverse clientele and representation in message dispersion is a great way to achieve this trust.
The final key to maintaining credibility in business is consistency. Consistency is perhaps the most important key to building and maintaining credibility. When a company has a firm policy on remaining consistent with promises, products and services, the customers will take notice. A good reputation can take a long time to build, but can be lost in a fraction of a second when one big mistake goes very public. It's worth the time and effort to build credibility honestly.