It can be difficult to define a marketing budget, but it helps to look at how peers are allocating resources. We decided to start with ourselves.
The currency of trust
You own a business, run a business, lead a business, or work in a business.
That means that you hear a lot about money. The pressure is constantly on us all for more sales, more revenue, more profit, more production. We're all obsessed with money. Money helps our business grow. And that's all well and good.
However, there's another form of currency in a business. It's one you probably don't think about.
It's called trust.
And it's a lot harder to come by. You can get someone to give your company their money. But just because a person is your customer, it doesn't mean they trust you. Their trust has to be earned.
Building trust takes a lot of effort and hard work. It necessitates a company culture that emphasizes remarkable service. Customers trust businesses that have people who are responsive, consistent, honest, professional, timely, warm, and personable. They trust your organization when you deliver what you say you will, each and every time.
There is a huge payoff from all this effort. The ROI of trust is enormous.
Customers who trust you open up, they give you feedback, they engage with you. And if you continue to build a trustworthy relationship with your customers, over time they will be willing to pay a premium price for what you offer, they will refer their friends, and they will ultimately give you their business for life.
Trust me, it works.