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Do Your Customers Trust You? Why Trust Might Be Your Most Valuable Currency

A company or business earns trust though the brand. So what creates a brand that inspires trust? Brand experts point to two key elements, which are reflected in “say” and “do”: the brand promise (SAY: or the declaration of intent that inspires hope) and the delivery on that promise (DO: the fulfilment of the declaration that inspires trust).

Case Study: FedEx – A Brand Built on a Promise Worth Talking About

When Fred Smith founded FedEx in 1971, it was simply a shipping company. Overnight delivery did not exist on a national scale in the United States. Then, Smith found a way to deliver point-to-point, anywhere in the U.S. — almost overnight, thereby inspiring the tagline, “When it absolutely, positively has to get there overnight!”

Smith talks about his revelation: “We thought we were selling the transportation of goods; in fact, we were selling peace of mind. When we finally figured that out, we pursued our goal with a vengeance.”

FedEx backed up the promise of its tagline with its actions, and it did what it said it would every time. It consistently produced results. It built a reputation for reliability that leading to recognition as one of the most trusted companies in the world.

And people told their friends.

Today, FedEx ranks in the top ten of Fortune’s World’s Most Admired Companies. Trust has become the new currency of the global economy. It is the basis on which many people do business — or don’t.

The world’s largest and most successful brands have built strong reputations by having a clear brand promise and consistently delivering on it. Think Mercedes, Rolex, Apple, Google and Amazon.

Consider these facts:

  • 77% of informed respondents said they refused to buy products or services from a company they distrusted
  • 72% criticized a distrusted company to a friend or colleague.
  • 76% said they recommended a trusted brand to a colleague or friend
  • 91% rated “A company I trust.” as a priority when asked, “When you think of good and responsible companies, how important is each of the following factors to the overall reputation of the company?”
    • (Edelman Trust Barometer, 2009)
  • 83% of People who trust a brand will recommend it to others. (Concerto Marketing Group Study, 2009)

Referral business is the ultimate example of brand trust as a currency. It represents a “transference of trust” that goes from a current customer to a new prospect and back to the seller. With today’s social media, both criticisms and recommendations go much farther and faster than ever before.

So, how much do your customers trust you? 

**Read More on this topic in Smart Trust: Creating Prosperity, Energy, and Joy in a Low-Trust World.

Do You Know Your Strengths? Does Your Network?

Do you know what your strengths are when it comes to your business and life? Does your network see and share these strengths with others? The Reflected Best Self™ exercise is a simple, structured process that helps you identify, and make the most of your strengths.

Step 1: Survey Others About Your Strengths

Identify around 10 people who are in a position to give you accurate feedback about your strengths. Include current colleagues, but also, ideally, former colleagues, friends and family members. Then, ask them to think about what your strengths are, and to give an example to back up every strength they identify.

Step 2: Identify Themes

Once you have all of the responses in from your survey group, start to group the responses together into themes. Some of the themes may reflect strengths you were aware of, but they may also identify things that you hadn’t realised were strengths because they come so naturally to you. Don’t focus solely on work – find the overall themes first – then , they will undoubtedly come full circle because how you show up in Life is how you show up at work.

Step 3: Write Your Strengths Profile

Next, draw together the key strengths that have emerged from your analysis, and tie them together in a few paragraphs that summarize what you’re really good at. Then, take a look at how these overlap and apply to your business. You’ll be able to use this in endless ways, to guide future actions and choices, to shore up your confidence, and while building your network.

Step 4: Identify How You Can Play to Your Strengths

With a clear idea of your strengths, take a long, hard look at how they interact within your business. In what ways are you playing to your strengths? If you’re not, can you adapt the focus and nature of your work to make more of your strengths?

** This “Reflected Best Self” Exercise is a copyrighted instrument of the Regents of the University of Michigan, USA.

 

 

 

 

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Most People Don’t Know How to Properly Use Networking Events – Learn How to Get the Most Out of Your Next Event

Networking events can be an invaluable resource for your business, but nowadays, too many people don’t know how to maximise the networking event, and they just rely on the event to do the work.

The most important place to start is what YOU have to do at networking events, rather than relying on the event itself.

The problem starts when people simply don’t know how to get referrals and create opportunities with other people. The whole reason networking works is because when done right, you’re forming mutually beneficial relationships. Just consider what would happen if you would bring a small group of people together and connect all their opportunities. It would open a world of business for all of them!

The Basics:

Focus #1:  First and foremost, you need to have the right mindset and be willing to help others. You’re not there to just take for yourself. So be honest with yourself – can you walk into a networking event with a genuine desire and interest in helping other people?

So the first think to think of at the event is “How can I help others in the room?” Next, how do I create opportunities and get into networks with other people in the room. Just consider and do the maths: talking to one person, might bring one sale; however, those who understand referral marketing know that if I open the doors to your network, I could get hundreds of sales over the next months and much longer after. In every conversation you have, see if you can connect them to someone in your network so they gain access to your network and you open the doors to their networks.

Finally, after the event, the key here is follow up and follow through. Sometimes people will find someone who’s willing to help, and then they don’t follow up!! Don’t miss out on such an opportunity!

As I wrap up, because these simple mindset strategies are not built into most networking events, most people aren’t doing this. Most people are just thinking of the sales they want to make at the event, but the real value lies in the networks and opportunity the people you meet will bring.

So now that you’ve educated yourself on how to be a good networker, for your next event, remember these Key Strategies. Practice the right referral mindset and you will quickly dominate the room at events and walk out having gained the most from them.

Business Tips – Finding A Solution

 

{Quick Rant 😡} Why do we not take solutions or ask logical questions that will help us? Instead we just do nothing and we hope things will change… #NothingChangesUnlessYouDo

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Remember to Subscribe to our YouTube Channel right here for more great coaching. Remember to grab your copy of the Referral Game Plan at www.referralmarketingguru.com.au/gameplan Who is Michael Griffiths?

Michael is the founder of Referral Marketing Guru & the #1 authority on referral marketing training around the globe. He speaks some 60+ times just on referral marketing and partnerships and runs the leading referral marketing training program to help you build your own Million Dollar Referral System. He encourages active networking in BNI, Chamber Of Commerce and Referral Groups to build your own referral teams.