*The following is an excerpt from Mark Bishop's book, The Trusted Seller; the foundation for the What Buyers Want sales training program. Contact us for more information.
The best salespeople know how to POSITION themselves as being TRUSTWORTHY, and how to PROVE that their COMPANY has their back. That COMBINATION is the formula for TRUST...
Yeah, yeah, we all know what trust is. You've got the basic concept. Or do you? Interestingly, research shows that maybe salespeople don't get it – that buyers and suppliers really don't trust each other, much less understand the concept of trust. In fact, one recent study reported in Supply Chain Management Review revealed that supply-chain managers (including buyers, logistics professionals and manufacturing managers) think the word 'trust' is "overused, misused and frequently abused" (Fawcett, Magnan and Williams 2004, 23).
Well, in the context of a buyer-seller relationship, the definition of trust usually contains two key dimensions: credibility (an ability to elicit belief that one possesses the required expertise to perform effectively and reliably) and benevolence (an inclination to choose solutions beneficial to customers or prospects, regardless of personal gain).
Taking the concept a step further, I'm convinced that a third dimension, likeability, is required as well. Buyers are attracted to salespeople who are genuinely likeable. They don't have to agree on social issues, go to the same church or enjoy the same cuisine. But the more a buyer is able to view the salesperson as human – a real person with similar needs and demands on her time, etc. – the more the buyer builds rapport with the salesperson. Later, we'll cover rapport (and how to build it), and examine how it's an important prerequisite to earning a buyer's trust.
The findings apply to other industries as well. It really doesn't matter whether you're selling a computer server or a thumbtack: Once you've earned a buyer's trust, you're in a great position to cultivate a long-term, mutually beneficial relationship. Your buyer sees that, too. In fact, one recent study by Vantage Partners, a supply chain management consulting firm, found that almost 80 percent of sourcing and supply chain executives believe that strong working relationships with suppliers deliver at least 25 percent greater value than poor supplier relationships (Hughes 2004, 2).
Trustworthiness can evolve into trust. Trust is a complicated animal in the eyes of a buyer. A buyer must first consider you trustworthy before the relationship can ever progress to where you earn buyer trust.
The distinction I'm making this: Trustworthiness is granted at the person-to-person level. In other words, a sales rep is deemed trustworthy if she is likeable, appears to have good intentions toward the buyer and delivers on promises. All these traits are attributed solely to the salesperson – the company hasn't entered the picture yet. Sales reps who demonstrate their trustworthiness are typically given a chance to prove themselves to the buyer through some type of trial opportunity or order. And naturally, the rep must perform well before the buyer grants any additional opportunities.
Trust, however, is based on overall supplier performance. Knowing that the salesperson is trustworthy isn't enough. The supplier firm must support the sales rep. The organization must live up to the salesperson's promises. If a rep says she can meet a buyer's delivery deadlines or quality requirements, the vendor must deliver on those commitments. The salesperson and the vendor combined must consistently perform according to the buyer's specifications before the buyer will ever truly trust the supplier.
OK, you say, I see the chain of events. A salesperson must be deemed trustworthy before the buyer grants trial orders. The supplier must deliver on the rep's commitments before it stands a chance of earning buyer trust. If buyer trust can be earned, the real gravy is the opportunity to win buyer loyalty and a profitable long-term business relationship.
Now that we've defined its role from the perspective of a buyer, let's look at a roadmap for developing trust in a business relationship. In the next chapter I'll describe the milestones that lead you through the development of trust and help you win customer loyalty in a great buyer-seller relationship.
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