What does trust have to do with it?

What does trust have to do with it?

Does trust play are in business? In marketing and sales? How about operations or finance?

According to The Trust Edge by David Horsaager, you can gain faster results, develop deeper relationships and create a stronger bottom line, when people trust you.

According to Horsager, trust is defined as a confident belief in a person, product or organization.

Trust should be congruent. It asks that you do what is right, deliver what is promised, and to be the same each time.

We know trust is important. People want to work with companies and individuals they know like and trust.

If you are not trustworthy people will stop buying from you (89% according to Horsagger.)

So how do you develop trust? The simplest way is to have trust transferred from a someone to you. The reason referrals work so well is a transfer of trust. If you trust me, and I introduce you to a prospect with the expectations that you can help them, this introduction goes a long way to building trust.

Likewise, if a referral is handled poorly, that impacts trust relationship for all parties.

In what ways can you develop trust, other than a personal introduction?

Marketing messages that are consistent and meaningful to the prospect and not lying to the prospect of the sales and marketing process.

Doing what you say you are going to do when you say you will do it.

Being consistent in word and deeds is important.

Being responsive is essential.

Honesty plays a big role.

My belief is that trust is given at first but must continue to be earned.

How do you build trust with others and how would you like others to build trust with you?

 

May Blessings be upon you,

Ron Finklestein

Marketing Site is www.akris.net

Consulting site is www.businessgrowthexperience.com

 

The Speed of Trust

I received this from a friend of mine, Brian Doud. I thought it interesting. Pay close attention to Stephen Covey as he discusses the Speed of Trust and how quickly things get done when trust exists.

Chris: You talk a lot about the speed of trust. Can you explain, a little bit more in detail, what you mean by that?

Stephen (Covey) Well, here’s an illustration. Warren Buffett, who’s the CEO of Berkshire Hathaway, always writes a management letter every year with his annual report and his management letters are studied widely in business schools and elsewhere in the country and
around the world. A year ago, in his management letter, he talked about the big acquisition that his company, Berkshire Hathaway, did of a $23 billion company that they bought from Wal-Mart. This company was McLane Distribution Company, $23 billion in revenue.

Now, Berkshire Hathaway is public. Wal-Mart is public. So these are two public companies. They have all the requirements of the public marketplace; all the scrutiny, et cetera. But to make this deal happen, it took place in a total of a two-hour meeting, and then 29 days later, Wal-Mart had their money from Berkshire Hathaway for a $23 billion transaction. Berkshire Hathaway did no due diligence, and Warren Buffett said, “I trusted Wal-Mart, I trusted the people I worked with. I knew everything would be in exactly the order that they said it would be, and it was.” He said, “We did no due diligence,” and in 29 days they did this deal.

In most mergers of this size, we’re talking several months, if not six, eight, ten, twelve months to close a deal like this, with armies and teams of accountants, CPAs, attorneys, et cetera, that come in and do all kinds of due diligence to verify, to validate, and it takes a lot of cost and it takes a lot of time. But the idea of the speed of trust is literally, both speed in terms of actual time that you can do things in, and also speed as a metaphor, to mean benefits, results, dividends that are abundant; and the fruits of high trust and the speed at which you can move are close to miraculous.”

What are you doing to create trust with the people you work with?

 

Ron Finklestein
Business Training at a great price: Http://www.aboutbusinesssuccess.com  

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