Morgan Reed, President, ACT| The App Association.
In the realm of business, there exists an invaluable currency that holds the power to elevate brands, forge lasting connections and inspire unwavering loyalty. It is the delicate thread that weaves through every transaction and breathes life into customer relationships.
This intangible yet essential asset is earned through your company’s steadfast commitment to transparency, reliability and delivering on your promises. It is the culmination of exceptional experiences, consistent quality and a genuine understanding of customer needs. By building this element into your foundation, you have the opportunity to cultivate an unspoken bond that goes beyond mere transactions and fosters a profound sense of confidence and assurance within 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 grow it.
• It can be ruined almost instantaneously.
• With it, a business will soar.
• And without it, a business will fail.
Let’s examine some five-letter options for what your business needs most.
First Choice: Buyer
A business without buyers is not a business at all. Buyers can grow a business at an unprecedented and unexpected pace when there is interest and demand. A perfect example of buyers driving growth is within the app economy—an industry I work within and am thus familiar with. In 2020, consumers spent more than $120 billion globally in app stores, which is nearly two times what consumers spent in 2016.
The explosive revenue growth was spurred by buyers’ motivation. Time was more 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, deliver value and enhance their lives. One of the reasons why the app economy experienced tremendous growth over the last decade was because consumers were able to work, play, share and buy from the comfort of their phones or other smart devices. Personal devices quickly became the new digital main street.
The app economy reached record spending levels in 2022 thanks to the unprecedented number of apps available to consumers. In the United States, spending reached $65 billion because apps continued to deliver immense value, solve challenges and create new experiences.
Third Choice: Trust
While buyers and goods are obviously essential, trust is the correct answer. It’s the essential element that grows revenue, retains customers and builds a brand. Trust is what I believe creates opportunities for small businesses to compete.
This virtue is built on whether your buyers and customers can rely on you to deliver the product that protects the privacy of personal data and the security of essential business information. From sensitive healthcare data to photos of loved ones, consumers must trust our products if we want to succeed in the marketplace.
Trust sets businesses apart and influences customer choices. In a competitive marketplace, customers are more likely to choose a brand or company they have confidence in. Trust builds credibility, fosters customer loyalty and encourages positive word-of-mouth. This can give even new enterprises a competitive advantage.
Thus, I believe it is crucial for entrepreneurs to build trust as the bedrock of a strong relationship that enables meaningful collaborations and inspires confidence from customers, partners and stakeholders.
Running a business is like solving a puzzle, requiring a combination of strategy, adaptability and persistence to decipher the ever-changing patterns and find the optimal solutions for success.
Entrepreneurs are constantly working on solving the puzzle of buyers and goods to grow and sustain a business. But in solving that puzzle, I believe trust should always be the final choice.
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