From the President
A clear process for "building trust" is elusive, because trust comes from the gut, not the head.
Our recent survey, Building Trust in a Wired World, confirmed the emotional aspect of trust, and concluded that, even in the wireless world, interpersonal connections are a critical element.
Check out our lead article for more survey details and suggestions on building your reputation as a "trustworthy" business partner.
Sincerely,
Pam Pound
In this issue
People, like nations, are prone to pitch their tent at the first summit conquered. Pierre Teilhard de Chardin
building trust in a wired world
Whether the vendor is in your office or on another continent, you'll make your purchase decision in pretty much the same way. That's what you said in our recent survey, "Building Trust in a Wired World."
Surprised? Let's look in detail at the survey results and what they mean for your business.
talk to me!
▪ 65% of respondents prefer to use face-to-face interactions as their
primary communication tool, yet only 25% actually do so. We WANT
more personal interaction, and yet we make other choices in the
interest of time and convenience.
I used to think that Edward Jones and A.G. Edwards were behind the
times in sending their reps out to make door to door cold calls. Based
on your response, their strategy makes more sense.
▪ In the battle for second place, phone and email are roughly tied in
popularity, with 75% of respondents using each of them more than 25%
of the time. There's an indication that people would like to use email
a little less and replace that with phone contact.
▪ The group seems willing to try out other web interfaces for business
use, but these are not currently popular. We can't say whether this result
indicates buyers with a decidedly non-technical bent or a lot of people
overlooking their virtual Amazon.com purchases.
PEOPLE BUY FROM PEOPLE THEY LIKE
We asked respondents to rank the criteria that help them get comfortable in deciding to use a new vendor. And then we invited them to focus specifically on their successful selection of a new virtual vendor.
The decision criteria easily sorted themselves into three distinct tiers:
Very Important (these three ranked almost equally)
▪ Have good rapport with the vendor
▪ Quality of interactions during the sale process
▪ Vendor demonstrates understanding of my needs
Somewhat Important
1) Reputation of the individual providing the service
2) Reputation of the vendor's company
3) Referral from a trusted source
4) Opportunity to directly convey to vendor--in person or by phone--
conditions of satisfaction
5) Clarity and detail in a written proposal
6) Opportunity to see a sample of vendor's work
7) Quality and relevance of sales materials (printed, web)
8) References that I personally verify
9) Vendor's ability to document prior success
Relatively Unimportant
1) Published testimonials and references
2) Money-back guarantee
Even when deciding to trust a new vendor, respondents rely more heavily on their personal experience than on posted testimonials and referrals. Still, the elusive "reputation" factor ranks fairly high among all the criteria.
This outcome suggests that a credible reputation comes more from external validation than from personal promotion. Published testimonials are fine, but they mean much more when they're offered through an independent resource.
The success stories reinforced the top three points. Many respondents cited phone conversations that helped clarify issues and build rapport, ultimately sealing the deal. Others highlighted that it's critical for the vendor to respond promptly and completely when questions arise.
One respondent shared that she selected a wholesaler whom she had never met because "They responded promptly to my email, advised how they would address my need, gave me a timeline . . . and an outline of expectations. . . This made it easier for me to be credible with my direct client."
Yet another respondent suggested that vendors should interact with clients "as if you were there in person," so that expectations are clear and the outcome fully meets the client's needs and expectations.
The Tool We Love to Hate
The survey respondents associate technology with efficiency and convenience, but they don't much TRUST the technology itself.
For example, 71% of respondents find technology easy to use in receiving services, but only 21% have the same perception when they're using technology to deliver goods or services.
Respondents' top three benefits of RECEIVING products and services via technology are:
1) ease of use
2) efficient use of time
3) convenience
For DELIVERING products and services, the top 3 are:
1) efficient use of time
2) reduced travel
3) easy document sharing
The Punchline
Wired or not, the process for developing trust is essentially the same. It's just that, when we use technology to "save time," we need to exercise extra care in nurturing virtual connections.
(1) Be strategic in choosing to swim upstream
The web dramatically expands our options for doing business, but it is not a great relationship management tool. When you choose to share your important message via website or email exchange, you're running counter to scientific evidence confirming that how you deliver your message-- your body language and tone of voice-- have much greater impact than what you actually say.
Studies show that:
Body language contributes 55% to the message
Tone of voice contributes 38%
Words contribute only 7%
Have you noticed that many popular web vendors now use MP3 recordings as part of their web content? They've figured out that using a voice message dramatically increases their ability to connect with clients and prospects.
As you design or update your website, step back to consider exactly how it fits into your marketing plan. Is it a revenue generator? Is it a brochure? Is it designed to build credibility, and if so, how exactly does it accomplish that?
When people visit your website, what do you want them to do or decide? Is it simple and logical for them to take that next step? Anticipate questions or concerns, and make sure that it's easy for visitors to find help.
(2) Don't hide behind email
Have you ever spent an hour laboring over an email message to make certain that it was both well written and conveyed the "right" tone?
Have you ever written an email that was misunderstood or misconstrued?
Have you ever used email to give negative or critical feedback to employees, colleagues, or even a boss?
These are all cases where a trusting relationship would be better served by a phone call or personal connection.
(3) Delight your customer with each interaction
Imagine yourself on the receiving end of a virtual transaction. Survey results show that you want it to be easy, efficient, and convenient.
You want clear and complete information about your choices and a process that assures you of getting what you want when you want it. You want the vendor to really understand your unique problem and provide the perfect solution--on time and hopefully under budget.
Now that you understand what your customer wants, give it to them in spades. Make them feel like a genius for finding and hiring you.
▪ Demonstrate your value by helping the client clarify what he really
wants or needs
▪ Provide a clear process for delivering the targeted outcome and make
sure it meets the client's needs and expectations
▪ Set up appropriate checkpoints to make certain progress is noted--
and appreciated
▪ Respond promptly to questions and (heaven forbid) breakdowns,
always focusing on delivering value
▪ Whenever possible, give the client the interpersonal "fix" that he
craves.
Pinnacle Success Partners, Inc. helps executives and teams build trust and provide extraordinary value to customers and clients. Call 708-651-2483 to request a complimentary consultation or send us a message.
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the hidden cost of poor service
I once worked with a client who had worked diligently to create a "sales" culture. Every activity revolved around generating new clients and new revenues.
After several years of living in this culture, the company was still running on ice. Sales development was excellent, but net sales declined due to poor retention. The customers were leaving as fast as they came in.
Management finally realized that, while sales are critical to any company's success, it's keeping customers that drives sustainable performance.
In his CNN/Money.com article " A Penny Saved, a Customer Spurned," Jeffrey Pfeffer highlights the importance of customer service within the context of outsourcing. To read the entire article, click here.
attention illinois employers: training grants for the asking!
The Illinois Department of Commerce and Economic Opportunity sponsors a program that reimburses Illinois employers for up to 50% of the cost of training. Our business partner, Clear Concepts, Inc., will assess and coordinate your grant requirements and submit an application on your behalf. To get more information on this opportunity, email us at info@pinnaclesuccesspartner.com and reference "grant info."
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