Most business owners think that to grow their business, it takes more money or more personnel. But maybe another ingredient is more important, the ingredient of trust in business.
As an illustration of the importance of trust in business, consider the financial crisis. It’s not a financial crisis or liquidity, it’s a crisis of trust. One day, Lehman Brother’s trading partners stop trusting Lehman. So they withheld business, decided not to extend credit and Lehman had to declare bankruptcy. Consider the banks slowness to lend—they don’t trust that the loan will get repaid. Or consider the credit card company’s reduction in credit lines because they don’t trust that the cardholders will pay.
In fact, the main reason that the US has the largest economy is because its residents have had the most trust in one another. We consider signatures on contracts to be binding (because we trust the legal system to enforce signed contracts) and in most business transactions, we even rely on the other party’s word. But now, we see what happens when trust comes into question. Parties stop dealing with one another and the economy shrinks. Other countries have smaller economies because they have less developed systems of trust and we are now have a taste of what goes on in other economies.
Trust has the same impact on the micro-economy of your business as it does on global trade. Your prospect does not buy from you because the investment has a “terrific ROI.” They buy from you because they trust you. In their eyes, you are the “trusted advisor.” If a stranger approaches you on the street, hands you a dollar and says “I will sell you this dollar for a dime,” the fantastic ROI is insignificant compared to your skepticism that something is fishy. You don’t trust the stranger and you turn down the guaranteed 900% ROI. Your prospect feels the same way.
Your prospects don’t become your clients because you have great financial options. They become your client because they trust you. The next several posts will deal with the issue of how you build trust so that you can rapidly convert prospects to clients.
“You can have all the facts and figures, all the supporting evidence, all the endorsement that you want, but if you don’t command trust, you won’t get anywhere.”
–Naill Fitzgerald, Former Chairman, Unilever
Tags: trust in business
In many cases, trust is reinforced by the law. I am not opposed to doing business with strangers, but in some cases this is required and skepticism isn’t necessary if there is a thorough background check of legal documents. Through the acceptance of those legal reinforcements, you can always find trust.
very true…trust is the first step in any relationship whether personal or professional….keep trusting.
Absolutely spot on! No one can afford to overlook the importance of trust!!
You are absolutely right, building trust is very important for business to survive. If the customer does not trust business than how will they every buy from that business
Thanks for sharing .
I agree with you .Trust is the foundation of success
Inspiring blog! We can say that trust is another word for success.I
Awesome post!
I also agree that trust is very important in a business. No matter how great your products are, it is crucial to have that trusts from your clients so they will invest in your and your company.
This article effectively reinforces why you should build relationships that will last a very long time with clients.
Trust and most of all be able to project a great level of self confidence and knowledge of what you are selling.
I agree this.. Today’s economy is developing and we need to know in out facts related to all aspects.trust is the main ingredient and its true:)
Thanks for the thoughtful article you provided over here..
great Going!!
I agree that the most important thing in a business is trust
I agree! Trust is really important in business. To be trusted is a greater complement than being loved. And it’s true that customer buy from you because they trust you, so don’t make them not to trust you. Because trust is like a vase once you broke it, though you fix it, it will never be the same.
These types of businesses rely on their reputation to keep their customers coming back through the doors and the reason the customers come back is because they trust the familiarity of the small, local business they’ve used for years.
thanks
I totally agree with you, Trust is most important factor for fuel to business.
i totally agree..i think trust is the most important ingredient in expanding your business as only satisfied customers will refer you
I agree that the first thing in business is trust. Thanks for your sharing.
The trust factor is the main ingredient in any business but there is also another one not less important and that is to be wise enough to know when some one is taking advantage of your trust.
That is right. Trust is the hidden factor that is behind the success of every business. So never try to do anything that can loss your trust in your customers.
I agree with you when it comes to outsourcing the labour..
this is very helpfull for marketing…
nice infoo,, like this
hmm.. That’s a lot of comments!
Good!
Regarding this post, TRUST is must for an online business to expand! And it leads in Customer Generation from past Goodwill experiences. It’s also a major factor in getting recommendations too!
Thanks for the post!
Sincerely,
SwayamDas2010
I agree with you the fuel to build any business is building trust on your customers. I really like your article. Keep posting.
Trust is a huge deal when it comes to business. Even more so when you sell products that are expensive enough that you get into a billing cycle for them (without going through a bank for a loan). If your company can’t establish a level of trust with its clients, then it’s bound to crash and burn because people will not want to do business with a company they don’t trust.
I’d say trust is THE main ingredient for a sale. A customer has to trust that a product fullfills his needs before he will buy it. And there are many many ways to build up trust…
Hmm..I knew there has to be trust in business but I never would have thought it played a major role in business success. Excellent article! I think trust is especially important for budding businesses and online businesses.
Trust is needed in every aspect of business. Customers provide their valuable information to companies on the basis of trust only.
I strongly agree that trust is very important in the business. I agree with you that Levels of investment and consumption depend mainly on trust and business reputation, so the more trust you can build, the more people likely to buy or invest in your business. Too many businesses are so busy with building up their reputation online but they forgot to install trust to their potential customers.
I think part of the reason why the US has such a strong economy is due to trust, but I can’t agree with the fact that it’s the only reason. That question is so complex and involves every aspect of our society, our economy, our history; it’s so much more than just trust. Although I do agree with the fact that it is vital to cultivate trust and respect in any business endeavor.
Definitely trust is the one that will make you believe that everything will work on your business.
I would agree with you that trust is a great way to grow your business, not to mention inexpensive. Definitely one of the most overlooked and lesser mentioned ingredients to success in the business world.
Totally right! People buy from people. They don’t just buy a product, they buy from the person selling it because they trust them.
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I couldn’t agree any more with your article, trust is the biggest key to a good company me. Being a business owner I truly now can say that being able to trust your employee’s is a huge part in the success side.
Hello,
You are absolutely right, building trust is very important for any business to survive. If the customer does not trust business or offer than how will they buy from that business? Building trust is the most important thing not only in business, but in all life!
I agree fully with the author of this post.trust is indeed and essential part of every business, because if you have a business and cannot be trusted you are practically a cheater and not businessman at all!in my opinion every businessman must be honest and trustowrthy.
I totally agree with this. Credibility is also another thing that makes people trust businesses. It’s important for a company to remain credible no mater what. Because once people discover that a company is not credible, it will be hard to gain their trust back. Another important thing is to establish great customer support. Customers always remain loyal to companies that know how to take care of them.
“They buy from you because they trust you”
This really resonated with me. Great thing to keep in mind whilst creating or suggesting a product. One can never oversell trust whereas it’s easy to try too fervently at selling the actual product itself.
…”they become your client because they trust you”.
Nice sentence, Agree with that! So in business growing trust and good image is important!
I agree with this. Trust is the foundation of all things. Without it, we’re nothing.
Trust is really what the main reason to develop any work or business. It is the main ingredient through which one can reach upto a good level.
Very interesting in article. We focus too much on financial options and not on trust. Look at companies like Amazon a lot their business is based on that. And I agree it can really apply to financial marketing.
“Trust has the same impact on the micro-economy of your business as it does on global trade. ”
trust is definately important when it comes to business. if i do not reust the salesman, of course I will not buy anything. the charisma plays a great role again
Could not agree more. In the world of business TRUST is a very crucial thing. Nice points!
This is a very good take on the essence of business growth, much like anything in life, without trust, constriction begins. Without trust in your business, the marketplace or others, instead expanding and growing, fear and uncertainty become the mode of operation. The effects of distrust can begin the demise of any company.
Trust is essential as without it you will not get sales or get repeat sales or referrals.
I’m agree with u, specially this statement “They buy from you because they trust you” . Customers buy products or services from us because they trust us. No matter the prices, trust is unvalueable price here. Thx u for sharing.
The U.S. dollar does not backed (gold).
But about the credibility of each other – then you are completely right!
As Confucius said: “How can you have anything to do with someone you do not trust. How can you ride in a cart without axis. “
Trust is important but it’s not as important as rational thinking in the business relations. Nothing comes easy and both can of mentioned things can lead to failure. But if we do only good and smart decisions, we will be able to avoid a lot of mistakes. To sum up, we should trust everyone but not more than it’s worth it.
I’m in real estate but these principals can be carried over into my sector just as easily as the financial services. Thanks for the creative post. Good stuff.
Yeah, I agree on you. Trust is hard to gain while in business but when you get it you can easily found a potential buyers.
Trust is essential to any successful business. Excellent article.
Totally agree,trust is important factor for business because without trust you cannot deal with other person & in this recession period so many peoples are do their business very carefully &
although this post is not a new one, it remains to be interesting and important. i think that trust depends on the relationships you have with your clients – the better your relations are, the more they trust you