Attention, reputation and trust are the most important element needed for big success and increasing business potential energy.
These three elements are all important but at the same time one of them is more or less important. I mean, that without each of these three elements, the success of the business or entrepreneur will not be as great as if all three elements are implemented and integrated.
Three Elements to Success
The main task of an entrepreneur is to build and implement all three elements if he/she want to become superstar on the market.
Attention
I put it as a beginning in this cycle because it is easiest to achieve, and it is a starting point for each entrepreneur that wants to build other two elements.
The goal of attention is to attract potential customers. It can be achieved for free with some type of viral marketing campaign or with paying for it by using different marketing tools.
When we talk about free attention it is more difficult to achieve it without other two elements. This is because without other two elements, we cannot expect that the people – potential customers will spread the word to their friends. If they don’t trust us, they will not recommend us to others. Because of that I think that this is the cycle composed with three elements that can bring success to the businesses.
Reputation
The second element is more difficult to acquire and in the same time more important element than the first one.
It is a simple mix of several things:
- Public Opinion. What is public opinion about us?
- Social Evaluation. How the community evaluates us?
- Identity Defined by Other People. What kind of identity we receive from other people?
According to this, it is some thinking of other persons. Because it is thinking of other persons, entrepreneurs didn’t have power of big influence in this sphere. But, also we cannot say that it is not impossible.
It is not impossible, because there are various media that have power of influence on the public opinion. So, if you design a campaign for that can quickly build a reputation, you can pay to that influential media to build good public opinion about you and your business that will increase your reputation.
Trust
The last element, but most important element in this cycle is trust. It is the only thing that could not be bought with money, but simply can be acquired. On this element, you cannot influence through different intermediaries as influential media.
It is that element which provides repetition of buying and long-term stability of the business. Therefore, the goal of an entrepreneur is to build trust among prospects and current customers.
It is something, which will increase the reputation of any business and will attract the attention of new potential customers. Everything will be much easier when an entrepreneur succeeds in building trust. So this is something that should be a strategic goal for an entrepreneur.
Interesting correlation of this element with economy or as an economy driver give us Stephen M.R. Covey in his bestselling book The Speed of Trust:
When trust goes down, speed will also go down and cost will go up. When trust goes up, speed will also go up and costs will go down.
It is simple, when we don’t have it, we cannot expect quickly to attract attention and to build a reputation.
In the same time, the costs will be bigger because we will invest big amounts of money in attention and building reputation.
This is the cycle, if people trusted us, we will quickly attract more customers that will spread the word about our business. This word will help us to attract more attention and reputation that will be supported by strong trust.
Let’s consider one example.
With the help of a marketing, we can attracts attention, this is a short-term goal. The potential buyer which was attracted in a best case will become a buyer. If we succeed from the first time to build trust in their eyes, they will return and buy something again from our business and in best case will spread a word about our business. If we fail to incorporate that trust in their eye, we will need again to attract them with something different in the future. In the worst cases, he will simply go to another business that would attract them.
Lets continue with a same example but different scenario:
The potential buyer which attention was attracted will attempt to validate our business through our reputation. If he finds that we don’t have good business reputation, the story will end here and money that we spent to attract their attention is for nothing.
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