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I recently received a series of questions from a potential customer. They were inquiring about a product and wanted some additional details. At the end of their list, they wrote one more question which they admitted to feeling silly asking but went on to say was important to them:
“How can I trust you?”
The profundity of this question struck me. Sure, I had plenty of social proof, but at the end of the day those are just numbers to this person.
How can you really know someone? How can you really trust them?
We talk about 3 ways to build trust, how trust leads to loyalty, and why loyalty positively influences the lifetime value of your customer.
None of this works if you’re focused on short term returns. It’s all about the Long Game Mindset.
- 03:05 The Long Game Mindset is the opposite of Scarcity Mindset.
- 04:09 Scarcity says “I need to compromise right now to pay bills.”
- 04:15 Long Game Mindset says “It doesn’t matter what I get out of this right now, it matters about the long run.”
- “How can I trust you?”
- 04:35 Why I changed my mind on Money Back Guarantees.
- 08:12 If a customer contacts you and says that your product was not valuable to them, would you still insist on keeping their money? Of course not! I was afraid to put an official policy in place that reflected my actual values even though it would build trust.
- 09:07 Alleviating sense of risk.
- 09:18 Social proof only goes so far. You have to show people that you care by giving.
- 09:59 Demonstrate that you want to help people be successful and do it by giving them things that will enable that.
- 10:13 3 steps to building trust:
- Give to people.
- Give in various formats.
- Deliver consistently
- 10:34 Put up something really valuable on your website—like a 4,000 or 5,000 word blog post and make it epic. Don’t ask for anything, just put it up there. Don’t ask for an opt-in, don’t put a paywall, give to people.
- 10:54 Give in various formats because people learn in different ways. Certain people will develop trust with you differently, so you want to hit on all of those facets.
- 11:51 There’s just something about the human element. We’re humans, we want to connect with other humans and know people are real.
- 12:08 It’s not only the quality of your material, but the reliability with which you put things out. Part of trust is knowing that someone’s going to be consistent and follow through with things regularly. The people that show up consistently are people that you trust.
- 14:00 Consistency in output frequency and quality.
- 15:57 Compare the people that are putting out good work consistently with the people who are putting out good work consistently in various formats. The latter people are winning.
- 16:11 Diversification of mediums creates a more well-rounded avatar in the mind of your customer of who you are. The more facets you have—things like, podcasts, newsletters, blogs, videos, etc.—the more clear the picture of who you really are becomes.
- 17:02 You can’t fake sincerity for 80 episodes. People are very good judges of authenticity.
- 17:53 Be willing to admit that you don’t know everything. This promotes transparency. People that act like they know everything don’t come off as genuine.
- 18:55 Most podcasters out there just show up and blabber.
- 22:28 80+ hours of listening to a person makes you feel like you know them.
- 23:02 Don’t worry about the wrong people (on trolls and haters).
- Trust leads to loyalty.
- 27:22 Building trust takes investment, but what you reap is loyalty.
- 27:44 Why discounting later is cheating your early adopters and destroying their loyalty.
- 28:39 What your discounting actions are saying is “Don’t be loyal to me, because you will get a better deal.”
- The Long Game Mindset
- 31:25 “If making Long Game changes right now results in less revenue, do you still make them?”
- 33:02 “But you could actually be making more right now!”
- 35:12 I know that I could sell at a higher price, but the trust you build with a $200 or $300 product can translate to sales of an even higher-tier product later on because you’ve adopted a Long Game Mindset. Those people will be ideal candidates for up-selling.
- 37:50 You have an opportunity to create an experience that someone has with your brand that they associate with the quality of your material and then bring them to the next thing with you.
The way to build trust with someone is to build a relationship.
Some people learn visually and connect better by seeing your face on video.
It’s a scary thing, but you have to be in front of people and be a real person.
The more real you are, the more trust there is.
Transparency gives you more credibility.
It’s not about just right now, it’s about the lifetime value of the customer.