Today I am appearing on “The Best People WE Know Radio Show ” with host Deb Scott. And I though tit would be the perfect opportunity to showcase here expertise here. In fact, after reading this article, I know this is a great one to feature on From the Editor as it really speaks to the challenges and opportunities we as business women face.
Especially when it comes to doing business online. It takes much more time to build trust online than offline because it takes longer to get to know someone. Especially when distance and time are a factor. It’s like having a pen pal. After a few months, you may pour your heart out to that person you don’t know but in the beginning you only share surface stuff and tidbits from you life. So this article is especially timely. Thanks Deb! And cannot wait for the interview.
Feel free to share your thoughts on the subject.
By Deb Scott
Wouldn’t it be wonderful if you knew there was one product everyone wanted to buy? I mean really, we all desire to be desirable, and who doesn’t want to have sky rocketing sales in their business? Out with old, and in with the new, this is one item you simply must have to be rising star!
Trust is the Must
A recent study by Yankelovich State of Consumer Reports, illustrates how trust impacts the consequences on your business results.
• Most consumers show that businesses have earned their trust – even if they charge more.
• 45% have lost trust in a business
• Actions taken when Trust in Business is lost:
• -94% spend less
• -76% tell family and friends
• -58% stop shopping there for some time
• -49% increase business with a competitor – even if competitor is not viewed as any better
Even more disturbing is data which demonstrates this deficiency is systemic in all areas of our life. “Polls record levels of trust in politicians, businessmen, scientists and others that are at all time lows: a crisis in trust is currently gripping Western culture.” “Just 17 per cent of Americans now rate the honesty and ethics of business executives highly,” according to a recent World Economic Forum survey.
The confidence crisis is surely here.
You may not have thought about making trust your prime business brand, but it is obvious, “trust is the big issue of the 21st century,” business expert Kieron O’Hara. Every business, regardless of product focus, is being evaluated in the category of trust, whether you like it or not.
In fact, “Trust in relationships is probably of greater economic value now, ironically at a time when cynicism and skepticism about marketers’ claims is at all-time high.”
Trust: Action or Feeling?
If trust is so important to have in your business, why does’t everyone have it? Just exactly what is “trust” in my business? Is trust the feeling I have about a business, or the actions the people in it express?
You can’t put trust in a box and wrap it with a pretty bow. “Trust doesn’t just happen; it arises from the way people choose to interact. Trust in complex organizations should not be left to chance. It helps to follow certain practices to maintain and grow trust.”
“Trust is created – or destroyed – by our actions. The simplest and most important of these is our ability to keep the promises we make.”
Ask yourself the following questions about a business you buy from:
• Do you keep your word to me?
• Do you care about my needs being met?
• Do you solve conflicts in a positive manner?
• Do you maintain a consistent style of communication?
• Do you make yourself available to me?
• Do you believe in what you are doing and saying?
• Do you express appreciation to me?
• Do you relate to my problems and needs?
• Do you respect your own employees?
• Do other people I trust recommend trusting you?
These are just a few questions to ask yourself, if you were your own customer. The ultimate question of course is this; Would you want to buy from you?
Benefits of Trust
If you build a bridge of solid trust, you can bring just about anything you want across to the other side. Trust is the platform to carry your goods, not the other way around. Trust is the solid transportation vehicle for efficiency and long-term success.
“The principle is this: all your potential customers-the people most likely to invest in your services or products-all have advisors that they trust. These Trusted Advisors are professionals that not only do their job well, but take a pro-active role in identifying ways to increase clients’ profits”
“Generally, these Trusted Advisors have created such a reputation for recommending profitable change that their clients no longer question their recommendations. Now imagine what it would be like if you had a team of these Trusted Advisors recommending your services and products to their customers-customers who have a genuine need for them!”
What are some of the primary benefits to establishing trust in your busienss?
• Shorten your Sales Cycle
• Increase your Closing Ratio
• Maintain your Customer Base
• Make your Competition Irrelevant
How many times have you spoken to a person only because your friend asked you do so? I bet a lot. Now think of having a group of people working for you and your products or services in the same way. This type of product promotion is priceless.
“Warren Bennis claims trust is one of six basic elements of leadership. “Integrity is the basis of trust, which is not so much an ingredient of leadership as it is a product,” he says. “It is the one quality that cannot be acquired, but must be earned. It is given by co-workers and followers, and without it, the leader can’t function.”
Looking to 2011
If you have decided after reading this article trust is a product you have to prioritize in your business for the coming year, then consider this; No one will ever trust you if you don’t trust yourself first.
“Trust is the foundation upon which relationships in every setting are built. It is the emotional glue that holds leaders and followers together. The moment trust is gone, everything begins to fall apart.”
The “Us” in Trust, begins with You.
Deb Scott, BA, CPC, is a Certified Professional Coach, Speaker, Award Winning Author of “The Sky is Green and The Grass is Blue – turning your upside down world right side up!”, and host of the “Best People We Know!” Radio Show. Deb can help you be your best in life and business, visit http://www.greenskyandbluegrass.com today.