What can Professional Business Owners Learn from the G20 leaders?

When the G20 leaders met in London in April 2009 they pledged to work together on six priorities to deal with the global economic crisis.  Acknowledging “the greatest challenge to the world economy in modern times” the official communiqué specifies cooperation among nations to “restore confidence” and “rebuild trust”.  This black hole of suspicion is a force that no country or company can escape.

Very similar remedies were adopted after the “dot.com bust” eight short years ago.  However, the reforms put in place did nothing in preventing the excesses that led to the current crisis in credit and credibility. 

Experts in business and marketing believe that the suspicion unleashed during the present economic crisis is far deeper and has more lasting consequences than earlier.  Further eroding of this trust occurred  with the auto industry  and bank bailouts.  On the one hand they  gladly  accepted the tax payer’s  money and then spent  it on extravagant and immoral executive bonuses.   

Financial scandals and the Ponzi  schemes are on the rise…  Isn’t this called white collar crime?    Most of these people  just received a slap on the wrist. Where was the bailout for the middle-class tax-payer who lost all his savings or pension to such financial thievery?  After hearing about all of this, , would you trust another financial advisor with your money?

The reality of this…  Professional small business owners need to work harder to keep building trust with your clients and prospects.   Converting leads to clients is great. But what have you done for your existing clients for them to  still trust you? 

Trust is created through dialogue and interaction.   Once your lead becomes your client, contacting him once a year around RRSP season or when his mortgage is due is not enough.   Why should he put his hard-earned saving in your hands?    Where were you all year?   This is what happens when you ignore your clients throughout the year and don’t “earn the right” to their business.  

Trust-building is a social experience not a material experience.   Haven’t you heard, “Yes we bought our house with So-and-So, but I wouldn’t deal with that real estate agent again”.   Each of us has a basic preference for how we would like to be treated as individuals.  Small business owners must understand this  and deal with clients at their own level.   This comes from knowing your audience; from your target market, prospects, leads and your clients.

Always remember that face to face event planning is the highest trust building small business marketing strategy you can adopt.  Why do you suppose most top level meetings are face to face events?

Here’s something from the Readers Digest  -
Most Trusted Professions

1. Firefighters
2. Ambulance drivers/paramedics
3. Airline pilots
4. Nurses
5. Pharmacists
6. Doctors
7. Police
8. Armed forces
9. Veterinarians
10. Dentists
11. Teachers
12. Judges

Least Trusted Professions

29.   Lawyers
30.   Print journalists
31.   Actors/actresses
32.   Car mechanics
33.   Investment brokers
34.   Taxi drivers
35.   Psychics/astrologers
36.   CEOs
37.   Real estate agents
38.   Home building contractors
39.   Politicians
40.   Car salespeople

Why are Firefighters # 1 and Financial Planners #33?

Perhaps the answer lies in the fact that one will definitely arrive within 5 minutes of being called, and the other shows up only at RRSP time. This is tongue-in-cheek and  the real answer is perhaps complex. But every financial planner should keep these in mind every time he deals with his clients and prospects.

Building Trust is the only way to succeed.

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