It has been the slow erosion of trust: the lateness, the lack of communication, the lack of commitment and the forever and last-minute changing of targets. Since leaving the group last week, I have analysed what changed for me. I begin to anticipate the little disappointments, my expectations began to lower, and my attitude was falling in with the low expectations it did not matter if I arrived late as no one is ever on time’ I was not generous or relaxed but felt anxious and aggrieved towards the members.
The higher the trust, the stronger and more profound the relationship
Selling is all about confidence and trust is measured by the transfer of value. Trust is gained through building relationships-but can equally be destroyed by the behaviours demonstrated within the relationship.
What is Trust?
Stephen Covey author Speed of Trust said, “trust is not an intangible, elusive quality that you have, or you don’t; rather, trust is a pragmatic, tangible, actionable asset that you create over time.”
The Three Levels of Trust
Trust is built one day; it is one interaction at a time; however, it is fragile and can be lost in a moment. If lost, it’s difficult but not impossible to regain says Stephen Covey.
Why Trust is Critical to Sales Relationships?
89% of executives believe that strong client relationships are the reason why they meet their targets each year. However, only 1 in 20 companies provides specific strategies for strengthening client relationships. The power of leveraging business relationships to accelerate deals, negotiate better terms and meet sales targets is one that sales leaders and executives can’t afford to overlook.
The recent Watson Wyatt study showed that high trust companies outperform low trust companies by 286%! Trust and commitment have a significant impact on the creation of value.
The cost of low trust is lost sales reduced revenue and higher costs. Stephen Covey explains what happens when trust is low in a company or relationship, “it places a hidden “tax” on every transaction: every communication, every interaction, every strategy, every decision is taxed, bringing the speed down and sending costs up. My experience is that significant distrust doubles the cost of doing business and triples the time it takes to get things done.”
Interestingly trust and confident is a key driver across many industries. Research into purchasers of professional services found that buyers expected the following qualities: technical ability 27%, responsiveness 25%, interest and attention 23% and trust and confidence 25%.
Feeling empathy and understanding your customer and buyer’s perspective and showing genuinely interested in their issues is a critical part of the sales process. You need trust to build customer relationships and confidence to develop sales conversations. Trust is the foundation of any relationship, whether, personal or professional and critical in sales negotiation.
Four Ways to Create Organisational Wide Trusted Relationships?
I have work with many sales organisations that aim to imbued trust in their service; however, sales professionals lack confidence in the internal processes to deliver or the interpersonal trust is gained but the pressure to hit quarter or annual target is not aligned with their integrity.
Trust affects the quality and depth of every relationship, every communication, every business opportunity and every sale. Sales leaders and executive that recognise how much trust impacts sales results will not overlook its importance.
Janice is a Visiting Fellow at Cranfield School of Management. She is passionate about helping companies adapt their sales approach to the economic, social and technological challenges. This has led her to create the popular the sales enablement system, Scale Your Sales. Janice is the international Strategic Account Sales Speaker, author and consultant, achieving many noted accolades including Sage Top100 Global Business Influencer 2017. Contact Janice today about Scaling your Sales
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