Customer Acquisition - Trust as an acquisition tool
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Presentation given to Econsultancy workshop participants - October 2008
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Customer Acquisition - Trust as an acquisition tool
- 1. Customer Acquisition Trust as an acquisition tool Thom Poole Managing Consultant
- 3. Why I am here A quick biography
- 5. Trust & reputation How this affects customer acquisition
- 9. Trust lifecycle Time Level of Trust Unaware Build Trust Confirm Trust Maintain Trust Register/Transact/Confirm Consider/Validation/Assess Browse/Search/Compare Trial Threshold Purchase Threshold Habit Threshold Untrust phase Extrinsic Intrinstic Recommendation © Poole (2005), adapted from Reynolds (2000)
- 11. Trust Tornado
- 19. © Jack Marketing Solutions 2008 All rights reserved
- 20. Tools for Trust Building What can help you achieve your goals?
- 25. Ethics And Customer Management
- 27. Who is ethical?
- 31. Quick Summary A few things to remember
- 33. The future is about … Relevant Choice Me, Me, Me Me, Me, Me Me, Me, Me Me, Me, Me I want to be unique I want to be unique I want to be unique I want to be unique Give me a choice Give me a choice Give me a choice Give me a choice I want to be in control I want to be in control I want to be in control I want to be in control Be relevant at the right time Be relevant at the right time Be relevant at the right time
- 34. Thank you For your interest and attention Questions? [email_address]
Editor's Notes
- When a sales manager said - ‘People buy from their friends - so be a friend’, I thought - no-one is going befriend a cut-throat sales representative! In essence, what they are saying is that if you’re a seen as friendly and approachable, you will build trust. But you also need to target your customers carefully, and let them know who you are. What is it that makes your customers tick? Can you exploit that knowledge of your customers? Are you developing products and services that are of use to the customer profile? The famous advert, I think, sums it all up - “So, what was it you wanted to sell me?”
- When I was a salesman, my boss told me that people bought products or services from their ‘friends’. I have yet to meet a salesman that I could call a friend – not whilst they were trying to get my money, anyway! Trust is the basis for building loyalty which in turn will increase interaction – it is up to you to turn this interaction into profit. As a personal example – I am an Apple McIntosh user at home, but have to suffer PC’s at work. Think about the customer loyalty Apple has – most Apple users can be identified by two main attributes – they are fiercely loyal to the brand, and they are poor, because the loyalty costs so much! I have used Michael Porter’s value chain model to demonstrate the trust-focused value chain, culminating in ‘trust’ in a brand, product or service. It is no fluke that trust occupies the same space that ‘profit’ does in Porter’s model, indeed I could have extended it with another field to the right called profit. Being trustworthy is profitable.
- The normal trust lifecycle curve shows that a customer will start in an untrusting state - they are unaware of the brand’s reputation. During the transaction, the customer will build a view of the company, trusting the relationship as they go. Over time, and [hopefully] with repeat transactions, this trust will be confirmed, and then maintained. Advocates, as we highlighted before, will reduce the time required to build trust, because if you trust the advocate who recommended the company to you, you will adopt some of that trust.
- Be Trustful: Recognise customers want to do business with a company they can trust; when trust is at the core of a company, it's easy to recognise. Trust defined, is assured reliance on the character, ability, strength, and truth of a business. Keep An Open Mind: For continuous improvement of a company, the leader of an organisation must be open to new ideas. Ask for opinions and feedback from both customers and team members and your company will continue to grow. Meet Obligations: Regardless of the circumstances, do everything in your power to gain the trust of past customer's and clients, particularly if something has gone awry. Reclaim any lost business by honouring all commitments and obligations. Have Clear Documents: Re-evaluate all print materials including small business advertising, brochures, and other business documents making sure they are clear, precise and professional. Most important, make sure they do not misrepresent or misinterpret. Become Community Involved : Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor. In other words, stay involved. Maintain Accounting Control: Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any "questionable " activities. Gaining control of accounting and record keeping allows you to end any dubious activities promptly. Be Respectful: Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.