what is the importance of goodwill
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Importance of good will
Creating goodwill among people is important in almost every area of your life. Spreading goodwill makes people feel good about you, and it encourages them to spread goodwill to others. In business, creating goodwill can help you to build relationships that ensure the long-term success of your business.
You can create goodwill in a number of ways, from creating customer appreciation programs to going the extra mile when you are providing a service. In return, your business will reap a number of benefits. Here are just a few ways that creating goodwill with customers can help your business.
Encourages Brand Loyalty
When you feel good about a company, you want to do business with them again and again. Creating goodwill with customers encourages brand loyalty by making them feel good about doing business with you. Not only does it encourage customers to contact your company the next time they need a product or service that you offer, but it also encourages them to recommend your company to their family and friends, helping you to expand your customer base.
Encourages Forgiveness
Think about how you feel when your neighbor brings you a big tin of cookies at Christmas time. You are probably less likely to be upset when that same neighbor parks in front of your yard or doesn’t bring in their newspaper, letting a pile form in the driveway. The same concept applies to your business. When you create goodwill with your customers — by going the extra mile, by exceeding their expectations, or by showing them personal attention — they are more likely to overlook your mistakes when you make them.
Sets You Apart from the Competition
When customers are having a hard time choosing between companies who have similar products and price points, the goodwill you create can help set you apart from your competition and push them in your favor. Maybe you went the extra mile by tracking down obscure information to answer a question. Or maybe you made a point to learn their children’s names and then made recommendations based on their interests. Whatever it is you do, creating this goodwill can help you stand out from your competitors and gain your customers’ business.
Improves the Value of Your Business
Investors understand the importance of goodwill and what it builds with customers. If your company has a positive reputation as a result of the goodwill it has built, it will increase its value. This will help you to attract more investors or secure credit more easily if you are looking to expand your operations, and it will help you to command more in a sale if you choose to sell your business. Building goodwill builds value.
Never underestimate the value of a kind word or deed in your business. Every time you go the extra mile for your customers, you are building goodwill, and you are securing the future of your company. Actively take the time to search out ways to build goodwill with your customers. It is an investment in your company.
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