You’ve heard it said that people do business with those whom they KNOW, LIKE and TRUST.
But is that true? What does this mean? And should we develop a rainmaking playbook around it without feeling manipulative, and if so, how?
Let’s break it down and create an action plan for you.
Have you ever done business with someone you didn’t know that well? Yes, you have. Sometimes the connection can start with a referral, and the key attribute which makes that work for you is the trust you instantly have based on that referral, and that trust is an asset is borrowed from the referring party. Or maybe you received a cold outreach from someone with a compelling argument for you to keep an open mind. It was a logical argument, so you listened with an open mind, and advanced to the next step beyond real curiosity, and advanced to the decision stage. So you can do business with people that you do not know. Knowing them is not an absolute to winning business.
I work in the legal space as a deal maker for law firms growing their corporate and finance practices and also facilitating law firm mergers, whether traditional mergers or deals in the private equity/MSO space. So each year I meet at least 500 to 1,000 new partner level attorneys. Are all of them likeable? Most are, but some are not. And those who are clearly not likeable have built thriving practices. So ‘liking’ someone is not an absolute requirement for buying professional services.
So the only attribute remaining as a non-negotiable is trust. But what does trust mean? Let’s break that down even further and pull out key insights of what trust is all about.
In my opinion, there are three components of TRUST that must exist in a professional services provider for him or her to be deemed trustworthy, at least from the prospective client’s perspective:
1. TRUST: Skill and competence. You are deemed trustworthy when there is not any doubt about you being able to do the job, that you are skilled and competent as a provider of your professional services. How is this proven? With thought leadership, professional involvement, and even testimonials. “He obviously is good at IP law since he is on the board of the International Intellectual Property Law Association.” Or , “She was quoted in Construction News about pending litigation, so she has been deemed as an expert in her field, otherwise they would not have quoted her.” You can’t shout “I’m good, trust me” but you can let others do that for you by putting yourself in a visible area within your niched field, and showcasing your talent through professional involvement, speaking and panel opportunities, and getting quotes and mentions in your industry media. You are building trust in the area of skill and competence by doing this. You are building ‘authority’ as an expert, which means you obviously show skill and competence to others, so you are perceived to possess that.
2. TRUST: Intention. You must possess and display a clear intention to serve the client and only do what is in the client’s best interests. How can this be measured and how does a prospective client assess this? By the amount of repeat work that is earned by that professional services provider. Again, testimonials and thought leadership serve as a signal to those looking to buy services. So collect stories from satisfied clients that have continued to give you business, and that in itself is a ‘thin slice’ of your intention to serve their interests.
3. TRUST: Execution and follow through. When you say you will send a document by 5 PM, then you do it. If you set an expectation and cannot meet it, then you communicate that to your client and include an action plan for modifying your initial expectation. These little commitments carry big weight in earning trust from clients. If you set expectations or make commitments that are missed or fall short, then people notice and they remember things. Any time I have done work with a client where it is clear my stated expectation is not going to be met, I will communicate this delay with them and keep the communication crystal clear, just to let them know the status and what steps I am taking to achieve our mutual goals. This is also why you cannot accept opportunities that are beyond your capabilities.
If you can show that you are trustworthy in these ways, then expanding your network (increasing the number of people who KNOW you or are at least familiar with your name) and building friendly relationships (LIKE) can even further enhance your status as a preferred professional services provider. Start with TRUST, and expand out KNOW and LIKE as a secondary consideration. Follow that formula and you’ll see how much easier it is to earn business.