Stubbins Watson, Bryan & Witucky Co.- June 2020

Stubbins Watson, Bryan & Witucky Co.- June 2020

THE LEGAL NAVIGATOR JUNE 2020

FROM THE DESK OF

Mike Bryan

Hello everyone! I hope you and your families are doing well. If you have any questions about the federal or state regulations that have been enacted related to COVID-19, then just let

me know. I may not have all of the answers for you, but I can at least point you in the right direction.

THE ELUSIVE POWER OF CONSUMER TRUST AND RISK

Many of you have attended seminars that I have presented in the past. Hopefully, we’ll be able to resume those once again soon — perhaps late June or July. In the meantime, I’ve created a prerecorded seminar regarding Estate, Medicaid, and VA planning. This is essentially the same program that you would see me present to the public. But now, this can be viewed at any time! If you know of anyone who is unable to make these programs, whether it is due to health reasons or otherwise, then please forward the following link:

Top Methods for Strengthening Your Business’s Credibility and Marketing

Over the past few decades, we’ve heard a lot of public outrage about companies betraying consumer trust. Whether they’re considering tobacco products or baby powder from Johnson & Johnson, Americans have become more proactive about placing their trust in the items they use. More than ever, establishing trust has become an incredibly important aspect of every business’s marketing strategy. You might be thinking, “How do we establish that trust in modern terms?”To answer that question, we need to look at how we got here. Marketing is a relatively new concept introduced during the Second Industrial Revolution. As mass production took over, companies needed to sell more and more products. So, they started asking the same question: How do you get people to buy? Products used to be made in small batches, and consumers relied on word of mouth, recommendations, and influencer marketing (a celebrity sponsorship, for example) to find and choose services and goods. Once the world discovered the power of marketing, mass production pushed companies to previously unimaginable scales. Then, rampant upscaling led to some companies cutting corners and outright lying about their practices. We know the rest of the story. Believe it or not, consumers haven’t lost track of word of mouth, recommendations, or influencer marketing tactics. In fact, they trust these forms of marketing more than ever. Whether you sell goods or services, there’s an online forum where you can read reviews about your business. Just look at the power of Yelp, TripAdvisor, and even Instagram. Endorsements from trusted locals (and celebrities) have become powerful tools to draw marketing attention.

SWBWLawFirm.com/how-to-protect-assets-from- the-cost-of-long-term-care

You have the opportunity to be the person who let them know:

•

How to avoid spending potentially thousands of dollars in unnecessary probate or guardianship proceedings How to protect one half (or more) of their assets from being spent down for Medicaid How to potentially receive $14,742–$27,195 from the VA each year to help pay for home health, assisted living or nursing home care

•

•

See you next month!

–Mike

Continued on Page 2 ...

740-452-8484 • 1

... continued from Cover

professional sources to your marketing and service claims, consumers feel more reassured.

Ultimately, the trick to establishing trust isn’t your online rating — it’s risk. Hearing your best friend’s recommendation and reading Yelp reviews are just a couple ways to evaluate risk. If your business offers little to no risk to the consumer, it’s more attractive. Just like in new friendships, people get anxious about forming new business relationships or buying new products. When people shop at your business, what risks are they taking if they buy? If they do buy, what risks are they taking if they continue? Consider how you can decrease that risk. By reducing consumer risk perception as much as possible, your business will instinctively establish trust between you and your consumer. They won’t switch to another company if they feel fulfilled. To reduce risk and evolve your business to be a step ahead of the competition, reevaluate all potential concerns that consumers might have when using your product or service. Try not to shy away from mild or serious concerns. Contact current customers or host focus groups to talk about people’s initial impressions of your business. In all steps of this process, be thoughtful and strategic with the aspects that you can tackle. Now, your company might be minimizing consumer risk, but you still need to market it. There are many tactics, and each one changes depending on your business. Offering guarantees — like the policy, “Satisfaction guaranteed or your money back!”—may be reliable cushions for risk, and you can strengthen your guarantees by including objective >Page 1 Page 2 Page 3 Page 4

swbwlawfirm.com

Made with FlippingBook Online newsletter