Have you ever stopped to wonder why customers buy from one business and not from another, particularly when the product or service is virtually identical?
Some of the factors that cause (yes, “cause” because these are controllable) that to happen include Know, Like & Trust.
Familiarity, or Know, gives one a sense of confidence simply by virtue of already knowing or knowing of that business, or even just their brand, and many times without any personal experience of their product or service. We tend to think that if they are well known, they must be at least acceptable.
High profiles and prolific social presence go a long way towards this factor.
On the other hand, unknown, is just that, and it infers risk. We are naturally risk averse.
Like develops from experience or reputation (third party experience). Like provides us with a positive predisposition towards the business so that when all else is equal, we naturally go with someone we like.
Trust builds over time. Trust is earned by being “trustworthy”. In most cases, trust is built around personal experience of a business’s product or service quality, ethics, and knowing that the business will stand by you in the event of any problems occurring.
It has been scientifically shown that a customer who has a problem with a business, and has that problem promptly and totally solved, becomes a much more loyal customer than one who has never had any problem. So as a business owner, grab every customer problem or complaint as an opportunity to cement a stronger and more fruitful relationship.
I recall a story which I believe to be 100% true – About a very successful supermarket chain.
The business owner had a firm rule – when he was meeting his branch managers, the ONLY call that was allowed to be put through during that meeting was a customer complaint. (Already a very strong signal about the company's focus on priorities!)
A call came through during one meeting & knowing it would only be a customer complaint, the owner wrote on a piece of paper and handed to the manager whilst on the call:
What’s the problem?”
The manger asked these details wrote them down and handed the paper back to the owner.
At the same time, the owner handed the manager a second note –“Keep her talking!”
The problem was apparently a product which was considered by the customer to be sub-standard.
The owner went to the shop floor and purchased the same product with his own money and drove to the customer’s address.
As he knocked on the door, the customer said to the manager that there was someone at her door and she had to go. The manager knew who it was and rang off.
The customer opened the door. The owner introduced himself:
“Hi Mrs A,
I’m Mr X, the owner of business Y.
I believe you have been less than satisfied with the product you purchased from us.
I’m here to say how sorry I am to learn that and have brough you a replacement”
That is how trust is developed.
So, whilst Know, Like and Trust are all critically important factors, there are several more that are at least, if not more persuasive in winning sales.
This is when the Successful Sales Formula becomes the make or break of the deal.
[Download either of the Worksheets at the end to assist you with this valuable exercise]