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Archive for the ‘Trust’ Category

Trust-based™ Selling and Business Development Speech for MIS

Friday, July 30th, 2010

Marketing Institute of Singapore (MIS) Speech July 29, 2010

A brief overview of the challenging current selling and buying environment and how to deal with it. For presentation download: Trust-based™ Selling and Business Development

Please send an email to: trip.allen@egyii.com if you are interested in the article, Trust: The Core Concepts, which covers the 3 models that will help you develop trustworthiness and the article Can Trust be Taught?

For more information on the Marketing Institute of Singapore, please click here MIS.

Thank you for attending.

Trip Allen, Team Egyii, Singapore

How Trust Propels Teamwork

Wednesday, July 21st, 2010

Global TeamTeamwork, a key to success in many business environments, works seamlessly at times, but does face numerous challenges. In team situations, there can be obscure amounts of jealousy, feelings of neglect, a lack of authenticity and the tendency to jump to quick conclusions, just to name a few of the complications.

What then transpires due to these and other challenges? Cliques are formed, feuds happen and morale is down. This then results in lower performance levels, a lack of productivity, and general negativity which, ultimately, causes the teams to fall apart.

How to keep teams intact? Trust. Trust is the backbone to teamwork.

..the most critical, foundational building block of a team is trust. Without trust most teams are really disparate collections of individuals called groups. The element that creates or erodes trust is your individual behaviour. Charles H. Green, Trusted Advisor Associates

Business team leaders therefore need to build trust, by behaving in a trustworthy manner. The team members won’t trust them for the sake of trusting. It is too risky. Therefore, the team leaders need to lead and exhibit the traits and characteristics that create trustworthiness. It is up to the leaders to drive two of the following Trust Principles:*

Collaboration: To work jointly with others or together especially in an intellectual endeavour. (Merriam-Webster)

A few examples:

Team leaders need to demonstrate trustworthiness by constantly involving the team member. Don’t speculate about what your team is thinking – ask them.

Value meetings over phone calls and phone calls over emails. Make it personal.

Practice putting all issues on the table for joint discussion.

Transparency: The art of being transparent. Transparent: 1) free from pretense or deceit: frank 2) easily detected or seen through: obvious 3) readily understood 4) characterized by visibility or accessibility of information especially concerning business practices. (Merriam-Webster)

Nothing destroys trust faster than the team leader who appears to be withholding information or trying to control the team member. Be willing to be open about your practices.

Most organizations recognize that trust is an important consideration in their company’s success, but many employees don’t feel it is being nurtured internally. The main culprit? Top management… Charles H. Green, Trusted Advisor Associates

Trust drives relationships which drives teamwork, therefore team leaders need to set the example and drive trusted relationships… to keep the teams together.

Trip Allen, Team Egyii, Singapore

*The Four Trust Principles, Charlies H. Green, Trusted Advisor Associates

The leaders who work most effectively have trained themselves not to think “I.” They think “we;” and they think “team.” They understand that their job is to make the team function. They accept responsibility and don’t sidestep it. But “we” get the credit. This is what creates trust, what enables you to get the task done. Peter Drucker.

Trust Edge: The Unparalleled Power of Trust

Wednesday, July 14th, 2010

A brief overview of the economic and personal benefits of the power of trust. Speech for the Rotary Club of Singapore July 14, 2010.

For presentation download: The Unparalleled Power of Trust.

Please send me an email to: trip.allen@egyii.com if you are interested in the article, Trust: The Core Concepts, which covers the 3 models that will help you develop trustworthiness.

Thank you for attending.

Trip Allen, Team Egyii, Singapore

The ROI/Investment on Personal Business Relationships

Monday, July 12th, 2010

ROI

So how do you measure the ROI on personal relationships?

And why invest in personal relationships?

Personal relationships drive business, no doubt. Personal relationships are also one of the most powerful tools in the executive’s tool kit, although executives rarely admit it, because it is soft and tough to measure.

You can see a direct affect on business, but from a metrics perspective, it may be difficult. But, we all know that it works. It works because companies do invest in means of building personal relationships. They invest a large amount in personal entertaining- dinners, drinks, sports games, etc. All for building personal relationships.

So why not invest more on skills and mindsets to cement those ever-so-powerful personal relationships?

As my third grade teacher, Mrs. Drake, used to say, “Sometimes I wonder.”

Trip Allen, Team Egyii, Singapore

Let Them Take No Prisoners

Monday, June 14th, 2010

Create the relationship first. Create an immediate strong relationship. Understand common goals and interests. Ensure that you gain concession- must be a neutral gain for both. You must bond and you must be sincerely interested in the person. You must understand the pain that could lead to resistance. Be proactive- lead first. Collaborate. Get person to talk and get him/her to talk first. Show empathy. Listen through active listening. Establish credibility. Encourage safety. Find out as much information as you can about the person and their situation.

What is this? Suggestions on building powerful business relationships from the get-go?

Nope.

These are tips for hostage negotiators. Hostage negotiators have an insane job which is to save the life of a hostage from an irrational hostage taker.

hostage

Wow.

Sales people and executives also have tough jobs- winning over both internal and external clients. Similar to the hostage negotiator, but one makes the difference between life and death.

So why can’t executives and sales people consistently exhibit these traits? Shouldn’t they do it naturally- like the hostage negotiator?

The problem is focus. Lack of focus. Business people are too focused on the business, themselves, their numbers, the outcomes, the sale, Etc. This is detrimental. It does not build the relationship needed to be successful.

Think about it. The hostage negotiator HAS to be focused. It is a matter of life and death.

So, sales people and executives have to think like the hostage negotiator. Think of it as a matter of life and death- not for the hostage in this instance, but for themselves.

Trip Allen, Team Egyii, Singapore.

Preparing the New Workforce for the Onslaught

Monday, May 31st, 2010


gen-y

Gen Y.

Smart.

Technically astute.

Global.

Diverse.

Distracted.

Interesting…..

Ready? Equipped? Are they prepared to face the tough world ahead?

Recent studies by Trusted Advisor Associates shows that when it comes to what many consider to be the most powerful tool in your business and personal tool kit, (relationships) they are not prepared. Let’s look at the four levels of internal and external business relationships:

Expertise based

Needs based

Relationship based

…and trusted advisor based

Being a trusted advisor is the highest level one can attain, and, of course, the most valuable.

The studies show that as age increases, the level of trustworthiness increases. There is approximately an 18% difference in trustworthiness between the ages of 20 to 70. The downfall to lacking trustworthiness and struggling in relationships for younger workers, most likely,  is a lack of life and business and life experience. Can trustworthiness be accelerated in an individual?

Accelerating them ahead

“Going against conventional wisdom: trust CAN be taught. Some business leaders make the case that to improve performance, people and businesses should leverage their strengths rather than concentrating on fixing their weaknesses. This makes a great deal of sense in areas of skills mastery. But when it comes to trust, the opposite is demonstrably true. By focusing on their weaknesses, individuals can make disproportionately large and rapid improvements in their trustworthiness, because improving weaknesses has the effect of lowering standard deviation, thereby increasing perceived integrity. By becoming aware of an imbalance in their trustworthiness strategies, individuals can strengthen their overall trustworthiness. By focusing on even minor improvements in their weak components, they can see a major impact on their overall ability to build trust.” (From “Think More Expertise Will Make You More Trusted? Think Again” by Trusted Advisor Associates)

Is your new workforce ready for the onslaught? Probably not. It may be time to address the imbalance.

(For more on the Trusted Advisor Associates study, see What Really Builds Trust. And, for an interesting snippet of Gen Y see We are Gen Y)

Trip Allen, Team Egyii, Singapore

The Weapons of Influence

Tuesday, March 30th, 2010

Influence: The Psychology of Persuasion by Dr. Robert Cialdini. A book review.

Persuasion

Dr. Robert Cialdini is Regents’ Professor Emeritus of Psychology and Marketing at Arizona State University and author of the best selling book, Influence: The Psychology of Persuasion. His extensive scholarly training in the psychology of influence, together with over 30 years of research into the subject, has earned Dr. Cialdini an international reputation as an expert in the fields of persuasion, compliance, and negotiation.

Cialdini begins (and keeps the theme consistent throughout) with explaining what influence and persuasion really are: exploitation of instinct (he calls it the click, whirr phenomenon, which he covers in the book). He explains how people generally operate on a “fixed-action” pattern which is manipulated through some kind of “trigger feature.” Psychologists have determined what many of these trigger features are and Cialdini lays them out in the book, calling them “weapons of automatic influence.”

In his book he cites great examples of studies and stories based on the six weapons, which are detailed as follows…

1. Reciprocation: People are more willing to comply with requests (for favours, services, information, concessions, etc.) from those who have provided such things first.

For example, in my neighbourhood, a restaurant called District 10 offers free pizza with happy hour beer prices. This works on me because 1) I usually stay past happy hour 2) I frequent the restaurant more often because they have given me something upfront and I actually like the staff (see item 6, Liking/Friendship).

Reciprocity, through listening, is an important subject matter in the Trusted Advisor philosophy. See Trust Tip 35: Reciprocity, Sales and Suicide Hot Lines.

2. Commitment/Consistency: People are more willing to be moved in a particular direction if they see it as consistent with an existing or recent commitment. Once we have made a stand or position on an issue, we are then more willing to say “yes” to a request that is consistent with that commitment.

Consider how small that commitment can be and still motivate change forcefully: a Chicago restaurant owner was beset by the problem of no-shows—people who made table reservations but failed to appear and failed to call to cancel. He reduced the problem by first getting a small commitment. He instructed his receptionists to stop saying, “Please call if you change your plans” and to start saying, “Will you call us if you change your plans?” The no-show rate dropped from 30% to 10% immediately.

3. Authority: People are more willing to follow the directions or recommendations of a communicator to whom they attribute relevant authority or expertise.

One study showed that 3 times as many pedestrians were willing to follow a man into traffic against the red light when he was merely dressed as an authority in a business suit and tie.

4. Social Validation: People are more willing to take a recommended action if they see evidence that many others, especially similar others, are taking it.

One researcher went door to door collecting for charity and carrying a list of others in the area who had already contributed. The longer the list, the more contributions it produced.

Dr. Cialdini also quotes Cavett Roberts’ advice to sales trainees, “Since 95% of people are imitators and only 5% initiators, people are persuaded more by the actions of others than by any proof we can offer.”

5. Scarcity: People want what they can’t have and people find objects and opportunities more attractive to the degree that they are scarce, rare, or dwindling in availability. Even information that is scarce is more effective.

One example is a US beef importer who informed his customers (honestly) that, because of weather conditions in Australia, there was likely to be a shortage of Australian beef. His orders more than doubled. However, when he added (also honestly) that this information came from his company’s exclusive contacts in the Australian National Weather Service, orders increased by 600%!

Stephen Worchel did a cookie experiment and found that cookies with a few in the jar were rated as more desirable than cookies with plenty in the jar. The testers admitted that they tasted the same.

As Cialdini says, ” The joy is not in experiencing a scarce commodity but in possessing it. It is important that we do not confuse the two.” Hence all the scarcity tactics.

6. Liking/Friendship: People prefer to say yes to those they know and like.

For example, research done on Tupperware Home Demonstration parties shows that guests are 3 times more likely to purchase products because they like the party’s hostess more than because of their liking of the products.

He also cites Joe Girard as the world’s greatest car salesman. He was General Motors best salesman 12 years in a row, selling 5 cars or trucks every day that he went to work. He says that he offers a fair price and someone that they like to buy from (ie. good looking/ good presentation/ flattery/ same as them/ on their side).

Conclusion: The book is well worth the read if you are interested in ways to influence and to understand what influences people. In fact, Fortune Magazine lists Influence: The Psychology of Persuasion in their “75 Smartest Business Books.”

Influence: The Psychology of Persuasion ISBN 0-688-12816-5

http://www.influenceatwork.com/

Trip Allen, Team Egyii, Singapore

75 Ways to Build your Trustworthiness with Clients

Wednesday, March 3rd, 2010

DSCN0345

Four ingredients that turn any client interaction into an opportunity for exceeding expected results while simultaneously building trust. For more, click here.

Trip Allen, Team Egyii, Singapore

High Impact Results with Low Impact Techniques: Business Development from a Trust Perspective

Monday, March 1st, 2010

man-fishing-12

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

A Question of Trust

Thursday, February 25th, 2010

How can you go about developing a trustworthy character?

In today’s overly competitive markets, where products tend to look the same and many companies struggle with their image, it is commonly believed that the key differentiator is your people.

It is now ever so important that your client-facing individuals (sales, product experts, leaders, marketing, and so on) establish a genuine rapport with clients, to help dispel rumours and differentiate your organisation from the competition.

The way to succeed with clients is through trust; being trusted by developing trustworthiness. Although the concept of trust is not innovative or new, the actual application is new, as it is rarely fully recognised or taught (and being trustworthy can be taught).

Some business leaders believe that trust-based business relationships are the single best route to corporate and personal success……..

For more see “A Question of Trust” from Human Resources Online, an article written by Team Egyii.

HR Mag

Trip Allen, Team Egyii, Singapore

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