Utah: Build Trust, Increase Sales, Win/Win
In business, trust is the fruit of your company’s loins. And everyone wants his or her business to produce abundantly and carry on the family name, right? But seriously, trust is imperative to your business’ success. Just as in any relationship, the lack of it creates confusion, accusations, uneasiness and stress; none of which can make you money. But what exactly is trust and what does it take to gain it? Is it complete transparency within all aspects of your business? Or perhaps to your significant other, it’s letting them have access to all of your passwords. No doubt, trust can have differing conditions given the situation and party involved.
Since you’re here looking for your business to thrive and not couples therapy, we’ll look at it from the standpoint of a seller/buyer relationship. According to a sales study conducted by the University of Cincinnati, trust in business has three generalized viewpoints. The first view portrays trust as a personality trait and expected; the second references it as more of a belief that a seller will benefit a buyer; and finally, the third view recognizes the risk, responsibility and vulnerability of a buyer in a transaction.
In a perfect world, the first viewpoint would rein all companies in the business-kingdom. But unfortunately, many fall short (does the Target security breach ring a bell?) and shatters the hopes and dreams of both companies and consumers alike. Gaining trust can seem as impossible as the Cubs winning the World Series (sorry to any Cubby fans). You know without a doubt that your business can and will benefit customers and enrich their lives or business in an immense way. That’s why you put so much blood, sweat and tears (and perhaps all of your savings) into it. But if a client isn’t on board, it doesn’t matter; especially with the challenges of doing business through a computer screen. And you definitely don’t want your clients coming to you with a “buyers beware” attitude, but the truth is, most are.
You wouldn’t lend your favorite jersey more or less loan some cash to a friend you didn’t trust; why would a customer cough up their cash if you haven’t proven to them you’re good for it? As far as defining trust, let’s use the three dimensions of it according to two masterminds from the Carlson School of Management, Dr. Phillip Bromiley and Dr. Larry Cummings: keeping commitments, negotiating honestly and avoiding taking excessive advantage, both intentionally or unintentionally.