What promise do you make?
Any business that has ever traded, will be known for something. Often, they are not known for the right thing. Your promise is at the heart of everything you do as a business. It is why people pay you; a form of contract, explicit or implied, that describes what you are going to deliver. If you live up to that promise, consistently, you will be loved, if you fail, it will result in unhappy customers, staff and suppliers.
A McKinsey & Co survey found that consistency – keeping the promise - has a significant impact on trust.
“...consistency is particularly important to forge a relationship of trust with customers: for example, customers trusted banks that were in the top quartile of delivering consistent customer journeys 30 per cent more than banks in the bottom quartile.”
One of the challenges faced by many organisations in consistently delivering on the promise lies in the fact that the promise isn't well understood. Perhaps the business owners/founders know the promise, or maybe some of the team grasps the promise. It is rare that all team members have the same view of the promise, and that it matches what the market believes is the promise.
When we look at the masters; companies such as Amazon, we can see how they are ‘known’ for their brand promise to be “Earth's most customer-centric company."
They may also be known for other things – such as not paying enough taxes, and many people boycott them as a matter of principal. Transport for London, bans the use of Amazon within its supply chain. Such a policy is an excellent example of being known for something, which is different from how you want to be recognised.
The power of promise is akin to drops landing in a pool of water. As they expand out in ripples, they influence many people. Deliberately setting out your promise is crucial.