Trust: The Currency of the New Economy

What if everything you have learned about successfully selling was wrong – at least in this New Economy?

“Trust No One” is the new mantra. Today’s prospects, buyers, business owners, and consumers are the most cynical and jaded group of buyers in history – and with good reason. They have been lied to and deceived by government, business, religious and media leaders of all ilk.

In a recent study:

  • Trust in media in the U.S. reached the lowest point in 201 since Gallop started measuring it in the early 1970s.
  • Only 46 percent of informed respondents in the U.S. and 44 percent in the U.K. trust business to do what is right.
  • Only 40 percent of people in the U.S. trust government to do what is right.
  • Only 33 percent of Americans had a great deal of trust in medical leadership, down from 73 percent in 1966.
  • 53 percent of U.S. workers do not think their boss is honest, and 69 percent are dissatisfied with the ethical climate in today’s society.

What About Salespeople?

How many buyers and prospects trust you, the sales professional?

Trust, whether you realize it or know about it or have even given it any thought is the currency of the New Economy.

In another study conducted in 2009:

  • 77 percent of respondents said they refused to buy products or services from companies or individuals the distrusted.
  • 72 percent criticized a distrusted company to a friend of colleague.
  • 55 percent of respondents said they were willing to pay a higher price to companies and individuals they trusted
  • 76 percent said they were willing to refer their friends to trusted brands they trusted. (This willingness to refer is the ultimate example of trust as a currency, in that it represents a “transference of trust” that goes from current customer to a new prospect and back to the seller.)

If you ignore these facts, stick your head in the sand and continue doing business as usual you may wind up the way of the dinosaur.

Smart companies and sales professional now realize that the #1 thing they are selling is trust. Without it nothing else really matters. These same companies and sales professional are setting about deliberately to develop marketing strategies and sales processes that focus on selling trust before they try to sell their products or services. You dear reader would be wise to do the same.

Stay tuned because in the next issue I will be giving you specific strategies for doing just that……

1 reply
  1. Dustin Hillis
    Dustin Hillis says:

    This is so true. It’s like my dad has always said “take someone to breakfast you’ll win the order, take them to lunch and you’ll have a client, but if you take someone and their spouse to dinner you’ll have their business for life.” Trust and relationships are key!

    Reply

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