October 1, 2015 - Vertū Marketing

The business valuation you had a few weeks or months ago might have tallied up the value of the tangible assets and services your business offers, but is that its true value? No, or course not.

Where a business’s true value lies is in its goodwill and intentions. In short, this can broken down into even simpler terms, and can be called its reputation and customers’ feelings. It does not matter if the product truly is the best on the market or if the performance of services is second to none, because if customers are left without a favorable impression, your business might be on the line.

So what goes into creating goodwill?

Service. Not just good service, but great service. Outstanding service is almost a free form of advertising, as most customers enjoy sharing their best experiences with a company. This can also help build reputation.

Personal relationships. Step outside of the virtual business and into the social media world. Now, say hello. Make sure your business is known, has a presence and the person in charge of all social media interactions understands what the business is all about.

Consistency. Remember the bagel place you went one time, where the service was great and the bagels were fresh, and you could not wait to take all of your friends to it? Only, that second visit was less than ideal. The bagels? Meh. The service? Well, they smiled, kind of. Chances are that you and your friends left the bagel shop with a pretty dour impression. One or two good interactions does not suffice when creating goodwill.

Goodwill does more than just increase your business’s reputation in the community, it increases its value far beyond what its tangible goods could be valued at alone.

Ever heard the phrase, “There are thinkers, and then there are doers”? Chances are that you have, but real life is often more complex than this, and it can be broken down into far more categories than simply thinking and doing.

For instance, in business, there are often creators, and then there are sellers.

Many brilliant and gifted entrepreneurs have no trouble at all creating a business, product or service that is innovative and astounding, but when it comes time to sell it, they might need an extra hand. Of course, many startups begin with an entrepreneur playing virtually every role, but soon enough, experts are brought in to fill in their respective roles.

Conversely, creating a mind-blowing product is simply out of reach for some people, but selling it is not. The great news is that, with affiliate marketing, you do not have to be a high-level marketing executive or salesperson huffing around a department store for eight hours a day.

Coined as the middle man of the Internet, professional bloggers have already seized on the income opportunity created by affiliate marketing programs. When approached as a serious business opportunity rather than an occasional side fling, becoming an affiliate can be financially rewarding.

Affiliates are the sellers of the creator/seller relationship, and they excel at eliciting clicks on certain links, specific product purchases and even general website views. Depending on the company and its affiliate program, affiliates are compensated for garnering those clicks and they often earn commission off of the sale of a product that their efforts helped to generate.

Whether it becomes a person’s main business or is utilized in addition to an already established business, becoming an affiliate is an excellent way to gain access to new products and a new stream of income.

Does Your Startup Have Goodwill?

Affiliate Marketing – Is It for You?