Many business owners know that goodwill is something worth curating, be that in the respect that past clients show our firm when recommending us to a friend, or the time it takes for a customer to leave a good review on social media platforms, it all counts, and the benefits are usually passive, but present.
Yet it’s also true that in some respects, we can leverage goodwill for the good of our business. In some cases, this goodwill is so important and far-reaching that it can cause certain entrepreneurs to take on franchise business opportunities, so brand exposure, marketing and outreach is almost already completely taken care of.
But if goodwill is something of an intangible benefit that our business has to make use of, how can we make use of it? You can’t store goodwill on a balance sheet, and you can’t convert social media likes to cash. But we’d argue that there are certain measures you can use it for, as well as methods of gauging its presence. In this post, we’ll discuss that in a little more detail:
Innovative Products & New Lines
When you have goodwill, your audience is more likely to go along with you when trying a new idea, integrating a new service, or delivering on a new concept. Think of how ridiculous the smartwatch concept would have been before its adoption if it weren’t for tech firms like Apple already showing a long history of innovation and development. It might be that a new direction, one intended to invest in the future of your firm, can whip up excitement and inspire conversation if you deliver the message respectfully and with clarity.
Rebranding Necessities
It’s not uncommon for businesses to rebrand. However, it can be tough to retain 100% of your audience when you do so, as brand familiarity changes. That said, when you’re certain of your customer appreciation and goodwill, this process can be less difficult to integrate than it may have already been. You can more easily inspire customers to sign up for new accounts through your newsletter and onboarding scheme, the countdown to your social media rebrand, and have them help you generate online hype for your new offering when it comes into play. Moreover, you’re more likely to ensure your audience actually notices and engages with your rebrand, rather than shrugging it off and forgetting about you.
User Engagement
Encouraging user engagement can not only make use of goodwill but help it grow. You need to have some goodwill for your audience to care about interacting with polls, surveys, reviews, or retweets, but regularly hosting these and content worth sharing, and asking for your customer’s opinions, can help you get a better insight into the discourse and understanding surrounding your firm, as well as what steps you can take to make that work for you and your goals more appropriately. Be certain to invest in a few user engagement protocols, it may make all the difference you had not expected.
With this advice, we hope you can keep leveraging goodwill for the wellness of your business going forward.
