The Single Biggest Factor That Determines Success Today: Trust

  • 1 min read

At first blush, it may sound a little silly–I mean, how can you compare a “soft issue” like trust to hardcore fiscal policies, new product offerings, and profitability?

However, FranklinCovey provides extensive research, statistics, case studies and anecdotes that prove trust is a key driving force in today’s economy.

FranklinCovey’s book and training workshops on “The Speed of Trust” demonstrate that a lack of trust creates redundancies, bureaucracy, fraud and turnover–and these liabilities result in slowed productivity, diverted resources and missed opportunities. What’s more, a lack of trust among customers chips away at corporate and personal brand reputation.

Alternatively, earning a high level of trust has a “measurable, observable, and relevant effect on an organization’s bottom line.”

What establishes trust

Trust comes from two things: Credibility and Competency. A person can be credible (I trust my husband), but not competent (I’m not going to let him operate on me because he’s not a doctor). Someone can be competent (an actual doctor), but not credible (I don’t believe she listens to me). By combining both competency and trust, you get the magical formula. And when trust (in a person, team, brand or company) is high, things get done faster and at a lower cost.

Here’s an example: In 2009, Warren Buffet’s Berkshire Hathaway doubled its stake in Wal-Mart with an additional 18 million shares. According to FranklinCovey, that deal was negotiated in person and within 2 hours. The deal was signed with a handshake, and it took 29 days to close. Without trust, closing that deal would have taken over six months time and millions of dollars in resources. Imagine the impact of that additional time dedicated to forward movement and profitability over status quo and cost of bureaucracy.

Because of their reputation

You may have experienced something similar on a personal level. Did you ever turn down a job offer for more money because you knew your current employer “had your back?” Or purchase a known product over a new shiny object because you “knew what you were going to get?” How about hiring someone from your past because you knew of their reputation?

Check out “The Speed of Trust” to learn more about four subsets of credibility and competency (character, intent, capabilities, and results) and the 13 behaviors that serve to increase trust, along with the practical how-to’s and definitely-don’t-do’s.

Employee, customer satisfaction and brand loyalty are all predicated on the foundation of trust, and are the single largest factors that determine success in the marketplace today. Increasing customer trust in your personal brand will give you a strategic advantage over the competition.

Picture of Wendy Brache

Wendy Brache

Wendy Brache builds and executes personal branding and online marketing strategy for executives and corporations in the high-tech sector. She is the author of Sales Force Branding: Differentiate from the Competition, and co-creator of the Sales Force Branding program. Wendy is a senior consultant specializing in B2B Corporate Social Media, Demand Generation and Marketing Automation, and is also a featured marketing technology speaker and columnist on renowned websites, such as Maria Shriver’s Women’s Conference, Chopra’s Intent.com and Denver’s GreatIdeasForKids.com.

TRENDING AROUND THE WEB

Since 2000, Northwestern Medicine has tracked 290 volunteers over age 80 using a 15-word memory test, and after 25 years the ones who still score like adults in their fifties and sixties turn out to share one habit above the rest: close, frequent contact with other people.

Since 2000, Northwestern Medicine has tracked 290 volunteers over age 80 using a 15-word memory test, and after 25 years the ones who still score like adults in their fifties and sixties turn out to share one habit above the rest: close, frequent contact with other people.

Global English Editing
The habit of stacking your own plates and wiping up your own mess before leaving a restaurant table costs nothing and asks nothing of anyone else, which is probably why it stands out so clearly to the people whose job is cleaning up after everyone who doesn’t.

The habit of stacking your own plates and wiping up your own mess before leaving a restaurant table costs nothing and asks nothing of anyone else, which is probably why it stands out so clearly to the people whose job is cleaning up after everyone who doesn’t.

Global English Editing
Harvard researchers who followed men from late adolescence into old age found that the way they learned to cope with difficult emotions mattered decades later: men who relied on less adaptive psychological defenses in midlife tended to have poorer physical health in old age

Harvard researchers who followed men from late adolescence into old age found that the way they learned to cope with difficult emotions mattered decades later: men who relied on less adaptive psychological defenses in midlife tended to have poorer physical health in old age

Global English Editing
The Forest Does Not Self-Improve: On Being a Living System in a Century That Mistook You for a Project

The Forest Does Not Self-Improve: On Being a Living System in a Century That Mistook You for a Project

The Vessel
In May 2005 one male and one female Anolis sagrei lizard were moved from Iron Cay to each of seven hurricane-cleared Bahamian islands; within four years every population had evolved shorter hindlimbs

In May 2005 one male and one female Anolis sagrei lizard were moved from Iron Cay to each of seven hurricane-cleared Bahamian islands; within four years every population had evolved shorter hindlimbs

The Vessel
Chaos will not wait for you to be ready, and that is precisely what it came to teach

Chaos will not wait for you to be ready, and that is precisely what it came to teach

The Vessel
Load more
CATEGORIES
Explore