Making the Business Case for Credibility
If you read our work, you know by now that we focus intensely on the psychology of credibility and business relationships. In that vein, we’re writing a new book on business credibility.
As with all our work, we’re diving deep into the most relevant research and extracting the most effective logic, solutions, skills and processes – specifically for building business credibility today! This post gives you a glimpse at some of the most important information about the most important point – how to make the business case to justify spending time and money to build your Credibility. After all, if it’s not tied to great returns, why bother, right? Here is the first item:
Shorter sales cycle/Higher closing percentage
With high levels of credibility, your customers don’t feel the need to do as much due diligence, checking, thinking about purchase decisions. Trust is already established and this reduces the second guessing and doubt. Ultimately the sales cycle speeds up and the closing percentage increases.
Several years ago, we had a client in Texas who ran a large financial planning practice. They calculated that they were losing 60% of their prospects. The problem was, their sales cycle included nearly thirty separate steps and took months to complete. Most people abort such a long and involved process. We helped them create a book explaining their approach and philosophy. That helped enormously. We also created a large poster that reframed the process so it contained fewer (but larger) steps. Problem solved.
If you’re making more sales, making larger sales, and making them faster, doesn’t that mean credibility has a positive impact on your bottom line?
– Michael Lovas
