1 00:00:00,000 --> 00:00:04,950 Can what people say about you make a difference in the amount of money you get 2 00:00:04,950 --> 00:00:09,030 for your business when you exit? You bet it can. 3 00:00:09,030 --> 00:00:14,010 Your brand reputation has a huge impact on your business valuation. 4 00:00:14,520 --> 00:00:19,350 We're going to tell you today how you can maximize the value of your business 5 00:00:19,470 --> 00:00:22,200 through enhancing your brand reputation. 6 00:00:22,380 --> 00:00:27,270 You've got to join us for this episode of the Inside BSS Show. Hey, 7 00:00:27,270 --> 00:00:29,430 now I'm Dave Lorenzo. I'm the godfather of growth, 8 00:00:29,430 --> 00:00:33,090 and I'm here with my partner Nicki G. Hey, Nico. Nicola, how are you today? 9 00:00:33,600 --> 00:00:36,120 Hi, Dave. I am great. How are you? 10 00:00:36,660 --> 00:00:39,750 I am absolutely fantastic. So Nicola, 11 00:00:39,750 --> 00:00:44,580 we're talking about brand reputation and how brand reputation 12 00:00:44,580 --> 00:00:47,310 impacts the value of your business, 13 00:00:47,520 --> 00:00:50,970 whether you are looking to borrow money or you're looking to exit, 14 00:00:51,300 --> 00:00:55,560 and we're going to give people five things they can focus on to enhance their 15 00:00:55,560 --> 00:00:58,980 brand reputation. This isn't an all inclusive list, 16 00:00:58,980 --> 00:01:02,730 but it's a great place to start. So why don't you kick us off with number one? 17 00:01:03,090 --> 00:01:07,320 Absolutely. So what people are saying about your business certainly matters. 18 00:01:07,380 --> 00:01:08,550 Think about customers, 19 00:01:08,560 --> 00:01:12,360 think about employees that will have an impact on your business, 20 00:01:12,450 --> 00:01:15,210 especially if they're saying things that are negative about it. 21 00:01:15,570 --> 00:01:19,560 So let me start off with number one for us, which is online reviews. 22 00:01:19,890 --> 00:01:23,820 It is very important for you to pay attention to those online reviews. 23 00:01:23,850 --> 00:01:26,550 There is a lot of good information in them. 24 00:01:26,760 --> 00:01:30,150 You want to make sure that you've got someone from the company who is going to 25 00:01:30,150 --> 00:01:35,070 be responsible for identifying everywhere you may have online reviews, 26 00:01:35,400 --> 00:01:38,760 and also taking time to review the comments. 27 00:01:39,090 --> 00:01:43,980 You should be looking out for negative comments that you need to respond to. 28 00:01:44,130 --> 00:01:47,730 Positive comments are great, but don't ignore the negative ones. 29 00:01:47,760 --> 00:01:49,920 It's really important to take a look at those, 30 00:01:50,100 --> 00:01:53,580 hear what customers or employees may be saying. Employees, for example, 31 00:01:53,580 --> 00:01:57,780 could be posting on Glassdoor. Your customers may be leaving reviews on Google 32 00:01:57,780 --> 00:01:58,613 or yo, 33 00:01:58,770 --> 00:02:02,280 you want to make sure that you identify the sources and listen to those and 34 00:02:02,280 --> 00:02:06,060 where they're negative, take the time to address them. But be careful. 35 00:02:06,090 --> 00:02:08,220 Do not respond in a way that's negative. 36 00:02:08,370 --> 00:02:13,290 Never attack someone even if it is an unfair criticism of 37 00:02:13,290 --> 00:02:14,610 something about the company. 38 00:02:14,850 --> 00:02:19,500 You want to let people see that you care about the comments that you're 39 00:02:19,500 --> 00:02:22,980 receiving and you're able to address them in a way that is more objective, 40 00:02:23,310 --> 00:02:27,150 acknowledge the way the person felt and respond in a way that is objective and 41 00:02:27,150 --> 00:02:28,830 paints the company in a good light. 42 00:02:28,950 --> 00:02:32,880 That will be what's left after the end of that criticism. 43 00:02:32,880 --> 00:02:34,980 And if it's something that wasn't good about the company, 44 00:02:34,980 --> 00:02:39,630 this is your chance to overcome that and make sure that you leave a positive 45 00:02:39,630 --> 00:02:43,470 note there about the company. And what people will remember is, look, 46 00:02:43,470 --> 00:02:48,120 this company cared enough to respond and to put a statement there that shows 47 00:02:48,120 --> 00:02:52,740 that this is a company that is concerned about its brand new reputation, 48 00:02:52,770 --> 00:02:55,200 concerned about its customers, concerned about its employees. 49 00:02:55,320 --> 00:02:59,920 A great way to respond to a negative comment or criticism about your 50 00:02:59,920 --> 00:03:03,880 company and an online review is to say, I'm sorry that that happened. 51 00:03:04,030 --> 00:03:08,170 That is not indicative of the way that we conduct business at this company. 52 00:03:08,530 --> 00:03:12,010 And please provide us with your contact information so that we may reach out to 53 00:03:12,010 --> 00:03:13,630 you. And after that, 54 00:03:13,750 --> 00:03:17,680 be sure to reach out to that person to make sure that you can work through what 55 00:03:17,680 --> 00:03:20,140 the comment was so they're not left with a negative impression. 56 00:03:20,320 --> 00:03:21,100 What do you think, Dave? 57 00:03:21,100 --> 00:03:25,660 I love it. Yeah, that's fantastic. You always want to respond. 58 00:03:25,870 --> 00:03:28,750 Every negative comment, whether you like it or not, 59 00:03:28,750 --> 00:03:31,810 you always want to respond in exactly the way Nicola outlined. 60 00:03:31,820 --> 00:03:34,090 And here's the reason why. Yes, 61 00:03:34,090 --> 00:03:37,390 you are responding to try and reach out to that client, 62 00:03:37,390 --> 00:03:39,910 to that customer and make things right for them, 63 00:03:40,150 --> 00:03:44,230 but you're also responding to everyone else who's looking and reading the 64 00:03:44,230 --> 00:03:48,730 comment. Even if people read the comment three years later, you want to say, 65 00:03:48,730 --> 00:03:50,650 I'm really sorry that happened to you. 66 00:03:50,890 --> 00:03:54,070 This is not indicative of the way we do business at this company. 67 00:03:54,460 --> 00:03:58,600 Send us your contact information so that we can discuss this further and see 68 00:03:58,600 --> 00:04:03,100 what we can do to make it right. When people read that, 69 00:04:03,160 --> 00:04:07,570 they're like, well, everybody has a bad day. Maybe this happened. 70 00:04:07,690 --> 00:04:09,610 They serve thousands of customers, 71 00:04:09,700 --> 00:04:13,360 they're bound to have one or two that have a bad experience. At least the 72 00:04:13,360 --> 00:04:15,070 company is trying to fix it. 73 00:04:15,310 --> 00:04:19,360 That's what people who read those comments are going to think when they see 'em. 74 00:04:19,510 --> 00:04:23,980 If you don't respond or you respond negatively or you respond defensively or if 75 00:04:23,980 --> 00:04:26,650 you attack the person that wrote the comment, 76 00:04:27,010 --> 00:04:31,930 you're displaying to the entire world that you don't know how to 77 00:04:31,930 --> 00:04:36,580 handle when things go wrong in your business. People expect things to go wrong. 78 00:04:36,580 --> 00:04:41,260 People are okay with companies getting a few negative reviews here and there, 79 00:04:41,290 --> 00:04:46,120 and they look at the responses to gauge whether the company handles those things 80 00:04:46,300 --> 00:04:49,720 fairly and effectively. Hey, Nicki G, 81 00:04:49,750 --> 00:04:53,920 did you know you can also get our show as an audio podcast? 82 00:04:54,580 --> 00:04:58,270 Of course, I know you can get the show as an audio podcast. I'm on it, 83 00:04:58,720 --> 00:04:59,920 but does our audience. 84 00:05:00,370 --> 00:05:03,100 I don't know. So those of you who are watching on YouTube, 85 00:05:03,160 --> 00:05:05,530 you can find us wherever you get your podcast. 86 00:05:05,860 --> 00:05:10,780 Just search up the Inside bss show with the Godfather and Nicki G and 87 00:05:10,780 --> 00:05:12,130 you'll find us right there. 88 00:05:12,310 --> 00:05:16,060 Click the follow button so that you never miss a show. Now, 89 00:05:16,070 --> 00:05:18,880 there's a couple of reasons why you're going to want to do that. Nicki G, 90 00:05:18,880 --> 00:05:20,290 tell 'em what the first reason is. 91 00:05:20,650 --> 00:05:25,390 You get to ask us questions that is exclusive to our podcast 92 00:05:25,390 --> 00:05:26,223 listeners. 93 00:05:26,890 --> 00:05:31,870 Yeah, we only answer listener questions on the audio version of the podcast. 94 00:05:31,870 --> 00:05:33,520 We don't do it on video, 95 00:05:33,640 --> 00:05:37,930 so if you want to hear what everyone's thinking or if you want to ask us a 96 00:05:37,940 --> 00:05:41,500 question, you got to download the audio podcast. The second reason, 97 00:05:41,500 --> 00:05:44,230 and my favorite reason is because you can take us with you. 98 00:05:44,320 --> 00:05:47,260 You can have a little Nicki g in your pocket while you're working out in the 99 00:05:47,260 --> 00:05:50,350 gym, washing the dishes or walking the dog. 100 00:05:50,560 --> 00:05:53,770 I love me some Nicki g in my pocket when I'm walking the dogs. 101 00:05:53,890 --> 00:05:57,040 I don't know about you Nicola, but that's one of my favorite things to do. 102 00:05:57,860 --> 00:05:59,930 Absolutely. Take us with you. 103 00:05:59,930 --> 00:06:02,150 After you watch this episode here on YouTube. 104 00:06:02,150 --> 00:06:04,220 Go to wherever you get your podcast, 105 00:06:04,220 --> 00:06:08,300 click the follow button so we can go with you on your journey and you can ask us 106 00:06:08,300 --> 00:06:12,470 questions. We will see you or more like hear you there. 107 00:06:13,430 --> 00:06:15,800 The second element of brand reputation, 108 00:06:15,830 --> 00:06:19,790 the second thing we like to do to help business owners enhance their brand 109 00:06:19,790 --> 00:06:23,570 reputation is encourage them to get testimonials. 110 00:06:23,780 --> 00:06:25,640 Letters of recommendation, 111 00:06:25,760 --> 00:06:30,650 whether the testimonials are on video or they're just little things 112 00:06:30,650 --> 00:06:32,000 people have written down, 113 00:06:32,540 --> 00:06:37,490 they make such a big impact because few people collect and 114 00:06:37,490 --> 00:06:39,470 post testimonials on their website. 115 00:06:39,710 --> 00:06:42,890 Few people share the letters of recommendation they receive. 116 00:06:43,190 --> 00:06:46,070 Now you're thinking to yourself, Dave, I've got a $30 million business. 117 00:06:46,460 --> 00:06:50,060 I actually had a C E O say this to me, Dave. I got a $30 million business. 118 00:06:50,210 --> 00:06:53,990 I don't have time to collect testimonials and they're not going to have an 119 00:06:53,990 --> 00:06:58,340 impact. My customers are so sophisticated, they're not looking at testimonials. 120 00:06:58,460 --> 00:07:02,120 And I said to him, Hey, Mr. Jones, I'm changing his name, 121 00:07:02,120 --> 00:07:04,550 obviously Mr. Jones. Here's what I want you to do. 122 00:07:05,060 --> 00:07:08,420 I want you to get a couple of testimonials from your clients and I want you to 123 00:07:08,450 --> 00:07:12,650 show them to other clients and ask them what they think and ask them if they 124 00:07:12,650 --> 00:07:16,880 look at testimonials or reviews before they make purchases. You know what? 125 00:07:17,060 --> 00:07:20,330 The more sophisticated the purchase process, 126 00:07:20,570 --> 00:07:25,040 the more impactful testimonials or letters of recommendation are 127 00:07:25,220 --> 00:07:29,810 because it is more of a rational decision-making process than an emotional 128 00:07:29,810 --> 00:07:34,520 decision making process. So anytime you have a sophisticated process, 129 00:07:34,700 --> 00:07:37,190 recommendations and testimonials are always going to make sense. 130 00:07:37,190 --> 00:07:40,100 I'll tell you a story. When I was at Gallup, 131 00:07:40,250 --> 00:07:44,510 we worked in the retail space and we did a lot of business. 132 00:07:44,510 --> 00:07:49,490 My team did a lot of business in the retail space. We were going after a top 133 00:07:49,490 --> 00:07:51,110 women's wear retailer. 134 00:07:51,560 --> 00:07:56,390 And the way that I closed the deal was walking into the pitch with their 135 00:07:56,390 --> 00:07:59,240 top competitors chief human resource officer. 136 00:07:59,630 --> 00:08:04,070 The person who was the chief human resource officer from their competitor opened 137 00:08:04,070 --> 00:08:07,640 my pitch to that company and she said, 138 00:08:07,700 --> 00:08:11,000 I would not be the chief human resource officer of, 139 00:08:11,000 --> 00:08:13,040 and she said the name of her company today, 140 00:08:13,160 --> 00:08:15,890 if I didn't work with Dave Lorenzo and his team at Gallup, 141 00:08:16,070 --> 00:08:20,480 here are the five things they've done to personally help me advance my career. 142 00:08:20,720 --> 00:08:24,140 And if you have any sense in your head, she's a very, very direct person. 143 00:08:24,150 --> 00:08:25,580 If you have any sense in your head, 144 00:08:25,730 --> 00:08:29,120 you will hire these people now while you can still get them, 145 00:08:29,210 --> 00:08:32,810 before they are too busy to work with you. And that's how she closed her time. 146 00:08:32,810 --> 00:08:34,580 She did a whole presentation, 147 00:08:34,640 --> 00:08:39,560 15 minutes on the value we provided to her personally and to her company. 148 00:08:39,800 --> 00:08:44,720 That testimonial closed a $5 million deal for me 149 00:08:44,870 --> 00:08:48,800 in a very sophisticated long sales cycle process. 150 00:08:48,980 --> 00:08:52,520 So if you don't think testimonials or letters of recommendation can make a 151 00:08:52,520 --> 00:08:57,000 difference, they absolutely can. When you are looking to sell your business, 152 00:08:57,000 --> 00:09:00,750 whether it's five years down the road or tomorrow, 153 00:09:00,960 --> 00:09:05,220 you're going to have a portfolio of letters of recommendation and testimonials 154 00:09:05,230 --> 00:09:08,250 from people who are luminaries in your industry, 155 00:09:08,520 --> 00:09:11,400 people who are pillars of the community, 156 00:09:11,670 --> 00:09:16,560 people who are top notch buyers of services that you 157 00:09:16,560 --> 00:09:17,393 provide, 158 00:09:17,460 --> 00:09:21,840 and you're going to share those with prospective buyers or with brokers or with 159 00:09:21,840 --> 00:09:24,630 investment bankers, private equity funds, 160 00:09:24,630 --> 00:09:27,030 the people who are managing those deals. 161 00:09:27,210 --> 00:09:32,130 They actually look at these letters of recommendation to see the people and the 162 00:09:32,130 --> 00:09:36,390 companies that are recommending you as part of their due diligence process. 163 00:09:36,390 --> 00:09:41,070 So the best time to collect testimonials. Nicole loves it when I say this. 164 00:09:41,220 --> 00:09:45,810 The best time to collect testimonials was the day you started your business. 165 00:09:45,870 --> 00:09:48,280 The second best time, Nicki G, what's the second best time? The. 166 00:09:48,330 --> 00:09:50,430 Second best time is today. 167 00:09:51,420 --> 00:09:55,140 Absolutely. We've been doing this together a while, haven't we? Nicki G, 168 00:09:55,140 --> 00:09:56,310 tell 'em what number three is. 169 00:09:56,400 --> 00:10:00,960 So hold on. So let me pick up on that for just a minute. So on testimonials, 170 00:10:00,960 --> 00:10:03,030 they're a powerful resource for your business. 171 00:10:03,030 --> 00:10:05,160 Do not underestimate the power of them. 172 00:10:05,220 --> 00:10:07,980 You can say all the great things about your business, 173 00:10:08,100 --> 00:10:12,510 but it will not come across as powerful as someone else saying them. 174 00:10:12,660 --> 00:10:17,490 I've seen these used so effectively from an existing client to 175 00:10:17,490 --> 00:10:22,470 go win new business because it's like having a completely objective source. 176 00:10:22,470 --> 00:10:23,910 Say, this company is great. 177 00:10:23,910 --> 00:10:28,650 It has a different impact from a psychological standpoint on the person who's 178 00:10:28,650 --> 00:10:31,530 receiving it. And then also, think about this. In your exit strategy, 179 00:10:31,530 --> 00:10:36,090 you have a portfolio of testimonials from objective 180 00:10:36,090 --> 00:10:39,780 viewpoints saying this company is excellent. It really, 181 00:10:39,780 --> 00:10:42,660 really will help your brand reputation today. And in the long. 182 00:10:42,660 --> 00:10:45,900 Run, you can't beat it. You can't beat it. Tell 'em what number three is. 183 00:10:46,020 --> 00:10:50,850 Point number three is the quantitative measurement of your brand reputation. 184 00:10:50,940 --> 00:10:52,950 Dave, tell everyone what that means. 185 00:10:53,070 --> 00:10:57,390 So Nicola, this is where I lived and breathed for six whole years of my life. 186 00:10:57,690 --> 00:11:02,430 You can actually measure the impact that your brand has on the people that you 187 00:11:02,430 --> 00:11:05,430 work with using something called Net Promoter Score. 188 00:11:05,430 --> 00:11:09,750 It's a one question survey that is really easy to put out in the field. 189 00:11:09,750 --> 00:11:14,100 You can do it with SurveyMonkey or you can hire a company like Qualtrics or JD 190 00:11:14,110 --> 00:11:16,200 Power or Gallup to do it for you. 191 00:11:16,590 --> 00:11:21,180 And the net promoter score question is how likely are you to recommend and then 192 00:11:21,180 --> 00:11:25,410 insert the name of the business there. How likely are you to recommend X, Y, 193 00:11:25,410 --> 00:11:29,250 Z company? And it's a five point scale, it's a Likert scale, 194 00:11:29,250 --> 00:11:33,780 it's a five point scale, and five means you would absolutely recommend it. 195 00:11:33,930 --> 00:11:36,150 One means you would never, ever recommend it. 196 00:11:36,150 --> 00:11:38,670 And somewhere in between means somewhere in between. 197 00:11:39,210 --> 00:11:44,190 This is a quantitative measurement of the power of your brand because if you 198 00:11:44,190 --> 00:11:47,730 are not willing to recommend the brand to somebody else, 199 00:11:48,060 --> 00:11:53,010 you probably don't think very highly of it. Now you can do additional 200 00:11:53,500 --> 00:11:57,340 work to look at the different elements of the brand. So for example, 201 00:11:57,340 --> 00:11:58,900 in the hospitality industry, 202 00:11:58,900 --> 00:12:03,400 we measured the elements that impact the person's first impression. 203 00:12:03,610 --> 00:12:07,600 So we took every step of the first five minutes of someone's stay. 204 00:12:07,780 --> 00:12:10,960 Were you greeted when you pulled up in front of the hotel? 205 00:12:11,080 --> 00:12:13,180 Did someone hold the door open for you? 206 00:12:13,390 --> 00:12:17,920 Did the desk clerk say hello to you when you were approaching the front desk? 207 00:12:17,980 --> 00:12:22,600 Did the desk clerk thank you for staying at the hotel when he or she handed you 208 00:12:22,750 --> 00:12:23,583 the key? 209 00:12:23,710 --> 00:12:27,850 Did the desk clerk fill you in on all the features of the hotel? 210 00:12:28,180 --> 00:12:32,590 All of these things can be measured as elements that are 211 00:12:32,590 --> 00:12:37,420 drivers of brand value, but you only need to do that one question, 212 00:12:37,570 --> 00:12:41,530 that net promoter score question. Why would you want to do that? 213 00:12:41,920 --> 00:12:46,030 If you think you're providing outstanding service to your clients, 214 00:12:46,030 --> 00:12:49,840 to your customers, you want to do that survey at least once a year, 215 00:12:49,840 --> 00:12:51,010 maybe once a month, 216 00:12:51,250 --> 00:12:56,080 depending on how frequently you have the budget to do it. And here's the 217 00:12:56,080 --> 00:12:56,650 reason why. 218 00:12:56,650 --> 00:13:01,420 If your scores are high and they're done by an independent research 219 00:13:01,420 --> 00:13:05,350 outfit like a Gallup or a JD Power or a Qualtrics, 220 00:13:05,800 --> 00:13:10,180 that proves to the person who may buy your business in the future that you have 221 00:13:10,180 --> 00:13:15,130 a really high brand reputation. However, the problem comes in, 222 00:13:15,160 --> 00:13:18,910 if you're doing the surveys and the scores are bad, 223 00:13:19,120 --> 00:13:21,610 that could dinging your reputation. Now, 224 00:13:22,390 --> 00:13:26,500 if the scores are bad and you have the opportunity to improve them and you bring 225 00:13:26,500 --> 00:13:30,040 in a consultant like I used to do to help you improve those scores, 226 00:13:30,050 --> 00:13:32,410 and you can demonstrate an improvement over time, 227 00:13:32,650 --> 00:13:36,040 that will help you enhance the reputation of your brand. 228 00:13:36,040 --> 00:13:39,310 So if you can afford it, surveying your clients, 229 00:13:39,340 --> 00:13:43,750 surveying your customers with at least that one net promoter score question can 230 00:13:43,750 --> 00:13:48,730 absolutely help enhance your brand reputation and increase the value of 231 00:13:48,730 --> 00:13:52,150 your business at the time of a sale. Nicki G, 232 00:13:52,210 --> 00:13:55,720 if you've got something to add about quantitative brand analysis, 233 00:13:55,730 --> 00:13:56,980 please jump in here. 234 00:13:57,100 --> 00:13:59,410 No, I love data. I can't resist. 235 00:13:59,440 --> 00:14:03,700 So I work with a lot of data and the best way to support your position on brand 236 00:14:03,700 --> 00:14:08,530 reputation is to have that raw data that is actual proof that 237 00:14:08,530 --> 00:14:11,410 you have a great reputation in the marketplace. 238 00:14:11,440 --> 00:14:16,120 So I love that when you start layering that with some of the other things we've 239 00:14:16,130 --> 00:14:18,520 spoken about, customer feedback, 240 00:14:18,580 --> 00:14:22,720 the actual surveys that demonstrate the data behind those responses, 241 00:14:23,020 --> 00:14:27,790 it's really going to help make that brand powerful and solidify it for 242 00:14:27,790 --> 00:14:30,910 those who are going to be looking at it later on when it's time to exit. 243 00:14:31,090 --> 00:14:31,390 Alright, 244 00:14:31,390 --> 00:14:36,340 Nicki G number four is having a PR strategy for when 245 00:14:36,370 --> 00:14:37,930 things go wrong. 246 00:14:38,200 --> 00:14:42,040 Manage your brand reputation with a PR strategy for when things go wrong. 247 00:14:42,280 --> 00:14:45,340 You're a lawyer, you deal with things that go wrong all the time. 248 00:14:45,700 --> 00:14:49,180 What should you do from a PR perspective and why is it important to have a 249 00:14:49,190 --> 00:14:51,290 process in place for when things go wrong? 250 00:14:51,410 --> 00:14:53,030 Yes, I do deal with this often, 251 00:14:53,030 --> 00:14:58,010 and it is very important to have a process in place because it can 252 00:14:58,010 --> 00:15:00,980 impact your brand reputation. So first, 253 00:15:00,980 --> 00:15:05,930 you want to make sure that you are as transparent as you can be about the 254 00:15:05,960 --> 00:15:10,160 issue. When something goes wrong, do not try to hide from it. 255 00:15:10,640 --> 00:15:15,350 If you try to hide from it, then it is going to come through in your message, 256 00:15:15,350 --> 00:15:17,000 especially if it's to the public. 257 00:15:17,480 --> 00:15:21,290 So be thoughtful about being transparent as much as you can to the extent you 258 00:15:21,290 --> 00:15:23,210 are not creating exposure for the company. 259 00:15:23,210 --> 00:15:26,120 So always remember that you want to make sure you're not what you are saying 260 00:15:26,750 --> 00:15:29,120 cannot create more problems for you. 261 00:15:29,330 --> 00:15:33,200 Always good to be talking to a lawyer that you have who can work through a PR 262 00:15:33,200 --> 00:15:37,640 crisis with you in addition to a PR firm if you are large enough that you need 263 00:15:37,650 --> 00:15:39,800 that extra help, it's always good to do that, 264 00:15:39,810 --> 00:15:44,690 especially if this is a major issue for the company. You also want to make 265 00:15:44,690 --> 00:15:47,510 sure that if you're wrong, just own it. 266 00:15:47,510 --> 00:15:50,060 Do not try to hide from it. 267 00:15:50,180 --> 00:15:52,850 We've seen a lot of examples in the last few years, 268 00:15:52,860 --> 00:15:57,410 especially where there were these major marketing campaigns by companies that 269 00:15:57,410 --> 00:16:01,370 really fell flat and they had to make a decision. 270 00:16:01,640 --> 00:16:05,120 I remember specifically there were ones in the areas of diversity, equity, 271 00:16:05,120 --> 00:16:08,570 inclusion, the message, it fell flat. 272 00:16:08,600 --> 00:16:12,620 They got the complete wrong message out to the public and they had to make a 273 00:16:12,620 --> 00:16:17,540 call. Do we just own this and say, you know what, we were wrong. We own that. 274 00:16:17,540 --> 00:16:21,530 This is not who we are as a company and we are going to move forward from that. 275 00:16:21,590 --> 00:16:26,480 Or do you try to massage the message and go a different route with 276 00:16:26,480 --> 00:16:28,190 it? That doesn't go well, 277 00:16:28,250 --> 00:16:30,950 and we've seen that because then the company had to keep coming back, 278 00:16:30,950 --> 00:16:31,880 making statements. 279 00:16:32,000 --> 00:16:35,330 You don't want to be in a position where you have to keep correcting what you've 280 00:16:35,330 --> 00:16:38,090 said, do the right thing from the get go, 281 00:16:38,720 --> 00:16:42,320 provide a transparent message, be clear about it, own it, 282 00:16:42,710 --> 00:16:46,400 and make sure that you're able to focus on how can I move forward in the 283 00:16:46,400 --> 00:16:50,900 public's eye internally of the organization if I have done damage there too by 284 00:16:50,900 --> 00:16:51,800 what has happened. 285 00:16:52,220 --> 00:16:55,610 Oh, it's a great job. I think you said it exactly perfectly. 286 00:16:56,480 --> 00:17:01,250 Even if you can't afford a public relations agency all the time, 287 00:17:01,250 --> 00:17:02,900 full-time, if there's a crisis, 288 00:17:02,900 --> 00:17:07,550 bring in a crisis PR professional because the way you 289 00:17:07,550 --> 00:17:11,960 communicate and how early you communicate could make all the difference in the 290 00:17:11,960 --> 00:17:14,060 world. We could do a whole show on this, 291 00:17:14,120 --> 00:17:19,100 but we need to move on to point number five and point number five is if you 292 00:17:19,100 --> 00:17:22,370 really want to manage your brand reputation and put yourself in the best 293 00:17:22,370 --> 00:17:23,660 position for a sale, 294 00:17:24,260 --> 00:17:28,910 you need to make sure you are taking a high profile in your 295 00:17:28,910 --> 00:17:33,890 industry and your brand has a high profile in your industry and you receive 296 00:17:33,920 --> 00:17:38,090 some sort of industry specific recognition. Now, Nicola, 297 00:17:38,150 --> 00:17:41,420 I'm not talking about super lawyers that scam Lama dinging Don. 298 00:17:41,450 --> 00:17:43,130 I hate that stupid thing. No, 299 00:17:43,400 --> 00:17:47,990 I'm talking about you being the president of the International Society of Widget 300 00:17:47,990 --> 00:17:52,740 Manufacturers or you being voted person of the year 301 00:17:52,890 --> 00:17:57,630 for the International Society of Crankshaft Providers. That type of 302 00:17:57,630 --> 00:18:02,490 recognition is incredibly valuable because it highlights you and 303 00:18:02,490 --> 00:18:07,140 your brands to the people who could potentially purchase your 304 00:18:07,140 --> 00:18:10,200 company. So how do you get this type of recognition? 305 00:18:10,320 --> 00:18:13,680 How do you make sure you're promoting your brand to these people? 306 00:18:13,920 --> 00:18:15,660 Join industry associations, 307 00:18:15,780 --> 00:18:20,700 give back to your industry and as quickly as you can get on a committee 308 00:18:20,730 --> 00:18:25,200 and ascend up through the ranks of that industry association until you 309 00:18:25,200 --> 00:18:30,000 reach at least a director level where you're exposed to the 310 00:18:30,000 --> 00:18:31,650 best of the industry. 311 00:18:31,950 --> 00:18:36,480 Because if you want options for selling your business down the 312 00:18:36,480 --> 00:18:37,110 road, 313 00:18:37,110 --> 00:18:40,440 those are going to be people who are going to provide you with some really good 314 00:18:40,440 --> 00:18:41,250 options. 315 00:18:41,250 --> 00:18:45,030 You may even want to do strategic alliance partnerships with them to get ready 316 00:18:45,030 --> 00:18:49,830 for that in the future. The way to do it is to get that industry recognition, 317 00:18:50,190 --> 00:18:54,870 get it as soon as you can and maintain it over time. Nicki G, your thoughts? 318 00:18:54,990 --> 00:18:57,060 Yes, people need to know who you are, 319 00:18:57,060 --> 00:19:01,020 especially folks who can be strategic partners for you or even competitors. 320 00:19:01,410 --> 00:19:05,760 They can benefit you a lot when it comes time to exit because they know who you 321 00:19:05,760 --> 00:19:08,070 are. They likely want to purchase your company. 322 00:19:08,430 --> 00:19:11,460 So be thoughtful about making sure that you're making those relationships even 323 00:19:11,460 --> 00:19:12,300 with competitors. 324 00:19:12,450 --> 00:19:16,230 They know who you are and that's going to help benefit you in the long run, 325 00:19:16,230 --> 00:19:17,880 especially when it's time to consider your exit. 326 00:19:18,040 --> 00:19:21,540 I love it. This is the Inside BSS show. My name is Dave Lorenzo. 327 00:19:21,540 --> 00:19:25,710 I'm the godfather of growth, and you are. Who are you? You are. 328 00:19:25,950 --> 00:19:27,000 I am Nicki G. 329 00:19:27,180 --> 00:19:29,880 We'll see you back here again tomorrow, folks. If you like what you heard, 330 00:19:29,880 --> 00:19:32,100 please share this show with somebody else. I mean, 331 00:19:32,370 --> 00:19:35,730 you're finding the podcast through your friends. You're finding the podcast, 332 00:19:35,730 --> 00:19:36,030 I don't know, 333 00:19:36,030 --> 00:19:40,050 maybe you found it through a Google search or through a podcast of a podcast 334 00:19:40,050 --> 00:19:40,920 provider search. 335 00:19:41,220 --> 00:19:44,910 We want you to give the gift of a better business to somebody else. 336 00:19:45,000 --> 00:19:48,180 Share this show and the five that came before it with somebody else. 337 00:19:48,420 --> 00:19:51,420 We love you for doing that. We'll see you right back here again tomorrow.