You can not be everything to everybody and beware of the person who tries to be. Lately, we have found ourselves in an unique position. The “rating and review” arena is starting to become a highly desired frontier and especially for many larger corporations within the auto industry. We have been in discussion with multiple entities that desire to enter into this arena. While this is flattering, we must be cautious about potential partnerships. In a partnership each party must have respect your each others proposition of established trust and value within their industry.
When I think of the words trust and value I think about our slogan “Who do you trust? Know, before you go!”. I feel these two words are developed over a period time. MySpace and YouTube are great examples. They created a great following over time by developing value and trust among their users. One’s users will determine if you are trustworthy, not an ad campaign or a name. You can not buy trust and value, but as proven with the acquisition of MySpace and YouTube one can purchase a company who has earned it.
You must ask yourself something. Why did NewsCorp purchase MySpace? Why did Google purchase YouTube? NewsCorp and Google have well trusted established brands. However, value and trust is not always transferable. We have seen or heard of multiple entities who were well established in one field, only to be unsuccessfully entering another. I might trust Starbucks with making my vendi Carmel Macchiato with non-fat milk extra hot, but I would be apprehensive about them making donuts or bagels. However, I would not object to purchasing Krispy Kreme donuts at Starbucks. By doing so I would be receiving the best product(s) from two different entities through one well established channel. Now this would allow Starbucks to increase their value by sharing Krispy Kreme’s trust factor.
NewsCorp and Google were smart. Why should they go through the trust and value building stages, when they could acquire it? They could have purchased or developed a concept in a box, but the box would have been missing two important pieces, value and trust. It not a matter of development or technology, most concepts can be duplicated or cloned. But a concept’s value and trust can not be cloned.
Typically people comprehend the word trust, but the word value is so more abstract. I think value is created by the degree of difficulty to acquire something. But value also belongs to the eye of the beholder. This is the reason why two analyst will perceive a company’s value differently. One might appreciate the degree of difficulty to develop a concept, while the other dismisses it. Certain jewelry and art are more valuable than others, due to the perceived level of difficulty to discover or create them.
Let us look a MySpace and Youtube again. They developed great social networking communities, each in their respective areas. Along the way they had to test the waters and course correct. Their value was created through the development and somewhat perfecting of the system, their Know- How.
Therefore, everyday I examine ways MyDealerReport.com can increase its value and trust factor? I also examine how our partners are continuously adding to these areas? We appreciates every user that has deem us trustworthy and valueable. There we must continue to perfect the system, through healthy partnerships.