What does a customer feel first about you,
Trust or Respect?
This seminal study shows the behavioral neuroscience of why sales are lost if you don’t win trust first…
Psychologists refer to Trust as warmth, empathy — and to Respect as competence.
"If someone you're trying to influence doesn't trust you, you're not going to get very far; in fact, you might even elicit suspicion because you come across as manipulative….Only after you've established trust does your strength become a gift rather than a threat.” — Amy Cuddy, social psychologist, Harvard
“Trust companies beat the average annualized returns of the S&P 500 by a factor of three.”
— The Great Place to Work Institute, with Fortune, ‘100 Best Companies to Work For.’
“Trust is not a soft, social virtue — it’s a hard, economic driver of two measurable outcomes: speed and cost.” When trust goes down (in a relationship, team, organization, with a partner or customer), speed goes down and cost goes up. This is a ‘low-trust tax.’ The inverse is equally true: when trust goes up, cost goes down, speed goes up resulting in a ‘high-trust dividend.’ There’s evidence to support this.”— Stephen M. R. Covey, Douglas R. Conant
45% of CEOs have blind spot for the revenue-driving value of Trust.
55% see “lack of trust as threat to growth,” but done little to increase trust; aren’t sure where to start.
Sources: 1. The Connection Between Employee Trust and Financial Performance, Harvard Business Review, Stephen M. R. Covey, Douglas R. Conant; 2. Paul J. Zak, founding director of Center for Neuroeconomics Studies, Claremont Graduate University, author of Trust Factor: The Science of Creating High-Performance Companies; 3. The Connection Between Employee Trust and Financial Performance; 4. Global CEO survey, PwC; 5. Presence, by Amy Cuddy, researchers Susan Fiske, Peter Glick.
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