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3 Myths That Could Ruin Your Business

3 Myths That Could Ruin Your Business

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There is research that states that about 80 percent of CEOs of big and medium businesses believe that they are indeed delivering high quality products and services to their customers. But what is actually surprising is that only about 8 percent of their customers agreed to their claims of superior quality. What most entrepreneurs don’t realize is that there are so many varieties available in the market today, and that customers have a ton of choices. So, if the brands don’t improve their customer experience, they will probably lag in building wealth and positive brand image for their customers.

Most often what companies tend to do is make elaborate promises to their customers and then fail when it comes to deliverability. So in an attempt to create an impeccable impression, companies then risk their businesses on established myths of the past that just slowly eat away the business. When business firms are taking advice from the wrong side, they might develop incompatible programs or use outdated technological tools, and none of these help them get actionable insights. So in order to save you from this mess, we’re going to explore 3 myths that you need to avoid in order to save your brand from probable damage.

The first big myth that rules the industry is one that says, “Big failures hurt the brand, much more than minor incidents.” While it is obvious that big mistakes tend to have a more catastrophic effect on the business, to ignore the smaller issues might be the bigger mistake. A pattern of little failures can lead to unpleasant customer reactions.

The second myth says, “One or two bad experiences can cause customers to leave the brand.” While a series of mishaps can be annoying, one negative service probably won’t cost you your business. If that were true, 80 percent of big brands would be out of business in a month or less. The truth is that unsatisfied customers will leave but only if they feel they have better options somewhere else.

The third myth is, “Word of mouth is the best form of advertising.” While it is true that customers tend to trust a recommendation from a friend or colleague, they also like to have unbiased opinions of a company as well.

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