High Impact Results with Low Impact Techniques: Business Development from a Trust Perspective
Ask any sales or non-sales executives (consultants, small business owners, etc.) what part of business they most dislike and they will almost universally answer with two words: business development (in other words, prospecting). No matter the overall business experience or training or overall capabilities, business development or thereof is typically abhorred. Not only is it difficult, but many of the processes hurt the business (and the individual’s efforts) as they are typically:
Short term focused
Utilizing techniques that are uncomfortable to both the prospects and the sales people
Product focused (and not client focused)
Over automated and under personalized
..only to cause dissatisfaction with the client in the short and long term- which subjects you to losing their business.
Disliked
This distaste reflects (or perhaps causes) one of the most troubling and intractable problems in business: despite spending time, effort and money encouraging, supporting and demanding that salespeople maintain a decent pipeline, these efforts produce low returns and poor morale.
We also observe that non-sales executives are typically experts in other areas such as consulting, engineering or marketing and are just not geared up for filling up the pipeline.
After all, who likes making (and receiving!) “cold calls.” That includes the client, who is typically annoyed with an overly automated under personalized script or technique that turns them off from the start.
What is an easier route?
There is no easy route. But there is an easier one. Everyone agrees that it is easier to get business from your current client base than chase new clients, and you should proceed along this path. If you have built a trusted relationship with your client base, you can capitalize on referrals.
But what happens when your business sees a big drought and dries up? Who can afford this scenario when things are uncertain? Nobody can.
Rewarding and Fun… What?
Here is a solution…
Business development does not need to be woeful. In fact, it can be rewarding and fun with the right attitude and approach.
One means to do this is through trust and the models that establish trustworthiness. When you understand and utilize the models of trust, you can see the power of it; it actually eases the stress and elevates the confidence in both you and your client, so that you can become more confident, comfortable and aligned with prospects.
Trust does take some time to establish, but the beauty of it all is you can start establishing trust through the structure of your dialogue (engage and listen) with your prospects right now. And, if you understand the Trust Equation, it only takes a little bit to build trustworthiness by heightening your credibility, reliability, intimacy and by lowering your self-orientation. Put these efforts in effect now and the results will endure.
Trust is ever so important in business commerce today and it is believed that trust-based business relationships are the single best route to corporate and personal success. And this different approach works for business development, too.
What could be better in times when clients or prospects are dissatisfied with the “quick turnaround” and “smile and dial” techniques that are often used today?
Results
When you develop business by initiating with trust (and therefore building trustworthiness), you get an engagement that is more personable and client focused, which allows for:
Less stress in your interactions and therefore more productivity
Faster results
Less “second guessing”
Less competitive bids
More referrals
After all , if the client trusts you, you get immediate credibility.
High impact results with low impact techniques.
For a sampling of the programme, see Trust Edge: Business Development Programme for Banking and Insurance Sales
Take the following Trust Quiz and think about how the 4 areas of the Trust Equation can help your immediate business development and long term relationship development.
Trip Allen, Team Egyii, Singapore
Tags: Business Development, Trust
March 1st, 2010 at 6:42 pm
Great article. We’re trying some things in our “sales” organization to build trust with prospects first – which is important because we are a service business (web design / technology agency). At the risk of calling it “doing work for free” I’ll call it “building trust first.” Our method goes something like this: 1. identify companies that are a good fit 2. Develop a relationship with them preferably through a personal network 3. Help them (start with an idea that will help them) 4. Cultivate the relationship. We are developing a new large prospect this way and after reading your article I realized that “building trust first” is exactly what we’re doing.
March 1st, 2010 at 10:48 pm
Mr. Thompson
Thank you for your comments. I like your approach- you certainly need a “differentiator” in such a competitive global business- and trust is a good choice. I say that because few people walk the talk- and truly follow the trust principles.
Doing work for free is not bad- the best way to prove yourself an build trust is by sampling. It gives you the option to “strut your stuff.” It is like the candy or ice cream shop where you can sample the goods. How often do people leave empty handed?
Part 2 is spot on- use your network
Part 3 is also spot on- I suggest looking at helping them by firstly knowing their business and secondly identifying some “unrecognized” problems and needs. If you can solve those “unrecognized” problems and needs with your solutions, you are one step ahead of everyone else.
If you would like some further advice, read Trust in Business- The Core Concepts http://bit.ly/7bSd1G. Or, of course, read the book http://bit.ly/aNC3dq all by my associates with the Trusted Advisor Associates team.
Behey
Trip Allen, Team Egyii, Singapore