The Face Value of Doing Business

Over the past several months, we’ve been trying to track the quantifiable trends which help to stimulate business activities amongst people. Of course there is no way you can learn ‘social networking for business’, nor can you really tackle which campaign or interview may have actually helped to build your brand the most, but if your business has a face, it helps.Potential clients entering a new market would feel more comfortable interacting with a person than a brand. That’s what makes certain brand account managers dangerous because they can, if push comes to shove, take their business with them when they leave their job. With the advent of globalization, work is attracted to those companies who have a track record along with a reputation to deliver on time. But how do companies really create their brand value and what role does the Chief Executive Office have to play when it comes to promoting their social value of the enterprise?

How come certain companies are more successful than others? How do certain people who are more ‘PR Savvy’ manage to use their recall value to their advantage? Is there really a face value of business? Yes there is.

Hatim Dabbawalla, CEO of Bohradevelopers.com writes, “We are web designers with over 400 customers and 3 offices worldwide. I think ‘face value and ‘social worth’ counts a great deal as people feel confident of handing over financial and company inside details and stories to those who are well known in industry.”

Hatim adds that along with the creation of that value, writing in respectable magazines with strong author footnotes and being socially active helps to close the leads.”

But it’s not necessarily marketing that help companies to create that value. Word of mouth, perhaps a tool many technology-driven companies have shelved, still rules the grapevine. It is never surprising to find out how quickly word can spread on a poorly executed assignment. Considering the notion of 6 degrees of separation has also been reduced by half, globalization and powerful online social networking allows news to spread like wildfire across the globe. Hatim continues to explain, “For the past few years, I have noticed companies selling processes more than products. If you are speaking on a public forum and have successfully made your point, you should be able to win the lead.”

Speaking from personal experience, the young CEO admits that his company was awarded several projects because word on how well they did on another project was circulated in the marketed. “And this was across borders. For example, we won the Balochistan Government website while giving a presentation at the Khuzdar University during an educational seminar.” Which is true. Public forums can be great places to not only network with potential customers, but also present your track record and gain quick recognition for it.

Seasoned speakers from even the smallest companies are able to convert potential to positive in no time. If you recognize a face, you feel comfortable. Not to forget that if you are working with someone that public, at times, the size of the accountability also becomes greater. The old adage, ‘the higher they are, the harder they fall’ holds true for business transactions… especially when it comes to the technology sector. Naseer Akhtar, CEO of Infotech adds, “of course it helps. If you are seen on public forums and speak at events, it adds to your credibility.”

Bohra Developers’ CEO shares a breakdown of the integral role Face Value recognition brings to his business. “I’d probably say that from the total of 400 customers we have serviced, we landed about 200 through the grapevine and through our reputation. About 100 through client referrals and approximately 50 through web interaction and magazine writings.”

The Socializer!
One of the many roles the Chief Executive has is to put the company or brand out there. You’ll find many CEOs attending events to simply get their company name out there. Speaking opportunities at events usually always fill up quickly with smart CEOs who want to make the best of the opportunity to be heard. The more you put your brand out there, the quicker the market adapts to it. In the case of many companies or platforms, if, after a while, you stop hearing about a certain brand continuing its association with a specific season or vertical, it makes you question the void.

You need to remember that yours is a technology organization, and at times, there can be no better brand ambassador than you. Here are some quick tips that might help you, as the CEO of your technology enterprise, make the most out the opportunities to build on your value and get it out there:

Have your elevator pitch ready
As the best ambassador of your company, your job is actually not to make the sale, but to simply get your foot in the door. The only way to achieve this is to grab your potential customer’s attention, in 30 seconds or less. It’s either 30 seconds or the first 3 sentences that pop out of your mouth. Once you get this done and land the appointment, if need be, send the marketing, sales or technical guy to explore if a sale can even be made.

Never mix personal and professional
The quickest way to lose friends, is to work with them… and that too, for a monetary transaction. Whatever the value may be, you’d be better off transferring the favor to someone with a more indirect relationship with the individual or organization. Help, yes. Work, no.

Don’t over commit or lose focus
Just like every person on the planet has a purpose, so does every company. And no, you can’t end up doing everything and solving all the world’s problems. Remain focused and stick to timelines that can be met, keeping in mind the challenges of loadshedding and transport. If you deviate from your core competency and begin to run after the sales, you’ll ruin your reputation as a strong contender in the long run.

Build the face value of your organization. It’s the only thing you can really invest in and build.