Here’s the trick. Just being trusted, even highly, doesn’t necessarily mean more business. Besides the fact that many over estimate their client’s trust by a good 10-15%, trust only translates into more revenue if you’re
- More trusted than your competitors
- Trusted for more appealing and differentiated things.
So, how strong is your trust compared with the competition? Is what you’re trusted for different and more appealing?
The 3 principles of trust
Look at trust advice anywhere and you will find the same, wrong generic statements over and over again. Communicate! Do what you say you do! Be transparent! Some will offer you formulas such as ‘trust is competence x A xB divided by self interest’.
Trust is critical to your success and we need to look at how trust works from our client’s perspective; much better to harness its immense potential. Having worked on the psychology of trust for over a decade, researched tens of thousands of interactions and advised many of the world’s foremost organisations on trust building to achieve growth, this is how we think about the fundamental trust principles:
1) Trust is only an advantage if you are more trusted.
2) Trust is not amorphous, trust is about what you are trusted for – and you need to know what the client would love to trust you for.
3) Only then does the good old advice take effect: Communicate, Be consistent, Be transparent with what your client wants to trust you for.
You will see that if you sit down for a few minutes and think about the competitive strength of your trust, what you are likely trusted for and how well you deliver this, will provide you with a first stepping stone to translate your trust into revenue.