Morgan Reed, Chairman, ACT| The App Association.
In business, there is an invaluable currency that has the power to elevate brands, forge lasting connections, and inspire unwavering loyalty. It is the delicate thread that weaves through every transaction and breathes new life into customer relationships.
This intangible but essential asset is earned through your company’s steadfast commitment to transparency, reliability and keeping your promises. It is the culmination of exceptional experiences, consistent quality and a true understanding of customer needs. By building this element into your foundation, you have the opportunity to cultivate an unspoken bond that goes beyond transactions and fosters a deep sense of trust and security in your customers.
What is the one thing your business needs the most? Let’s take a look at the clues.
• You can build it.
• You can let it grow.
• It can be ruined almost instantly.
• With this a company will take off.
• And without it, a company goes bankrupt.
Let’s take a look at some five-letter options for what your business needs most.
First choice: copper
A business without buyers is not a business at all. Buyers can grow a business at an unprecedented and unexpected rate if there is interest and demand. A perfect example of buyers driving growth is within the app economy – an industry I work in and thus am familiar with. In 2020, consumers gave more than $120 billion worldwide in app stores, which is nearly double what consumers spent in 2016.
The explosive sales growth was driven by buyer motivation. More time was available and digital devices were easily accessible. Buyers are critical to a business, but knowing what motivates your buyers is your greatest asset.
Second choice: goods
Buyers expect your products to work, add value and improve their lives. One of the reasons the app economy has experienced tremendous growth over the past decade is that consumers have been able to work, play, share and buy from the comfort of their phones or other smart devices. Personal devices quickly became the new digital high street.
The app economy has arrived record spending level in 2022 thanks to the unprecedented number of apps available to consumers. In the United States, spending reached $65 billion as apps continued to deliver tremendous value, solve challenges and create new experiences.
Third choice: trust
While buyers and goods are obviously essential, trust is the right answer. It is the essential element that grows sales, retains customers and builds a brand. Trust is what I think creates opportunities for small businesses to compete.
This virtue is based on whether your buyers and customers can trust you to provide the product that protects the privacy of personal data and the security of critical business information. From sensitive health data to photos of loved ones, consumers must trust our products if we are to succeed in the marketplace.
Trust sets companies apart and influences customer choices. In a competitive market, customers are more likely to choose a brand or company they trust. Trust builds credibility, fosters customer loyalty, and drives positive word of mouth. This can even give new ventures a competitive advantage.
That’s why I believe it’s crucial for business owners to build trust as the foundation of a strong relationship that enables meaningful collaborations and inspires trust among customers, partners and stakeholders.
Running a business is like solving a puzzle, requiring a combination of strategy, adaptability and perseverance to decipher the ever-changing patterns and find the optimal solutions for success.
Entrepreneurs are constantly working to solve the puzzle of buyers and goods to grow and sustain a business. But in solving that puzzle, I believe trust should always be the ultimate choice.