More Dangerous Trends Facing Business Today

More Dangerous Trends Facing Business Today

So last month I revealed 3 of the 7 Dangerous trends facing business today…
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Here I am going to reveal another one and it very well might be the most important information I have ever revealed…

And you know what a big statement that is to come from me…

Anyway, just a recap, and you can read them simply by referring to my last rant here.

DANGEROUS TREND #1 – Business is Getting Tougher and Tougher

DANGEROUS TREND #2 – If you Don’t Master the Internet you will be Left Behind

DANGEROUS TREND #3 – Responding Slowly to the Ever Changing Chaotic Global Economic Conditions will see you First and Most Effected by Them, Not Least and Last

Ok, let’s reveal the big one…

DANGEROUS TREND #4 – There is a New World Currency and it’s not the US Dollar, it’s TRUST

I’ve been talking about trust for years and the importance of it. How it’s the number one barrier to business and how it’s there and affects everything, even though you can’t see it.

I’ve been a bit like a broken record on the subject, nagging about the need for business owners to embrace tactics that build TRUST first before you attempt to make a sale.

So from that perspective, none of this will come of a great surprise.

What may surprise you however is that “TRUST is now the New World Currency”.

If you want proof, you only have to look at the fact that ‘News of the World’ closed its doors after 168 years of business within 24 hours of the disastrous revelations of phone tapping.

And of course they knew that once they had lost the TRUST of the reader, their paper was doomed. So why did this 168 year old business literally close at the speed of sound?

It’s because the world today is an interdependent world called the “Collaborative Society and Economy”. Everything dies and thrives based upon the absence or presence of TRUST.

The best work I have ever read or heard on this subject is by Stephen M.R. Covey. You can find it at www.speedoftrust.com and this information comes courtesy of him simply because the great man wants to see TRUST embraced in a world where simultaneously we no longer TRUST business or governments. I highly recommend his work. All he asks is that you attribute the source as I have done here.

You see, the number one question on the mind of the consumer is…

WHO CAN I TRUST

So it’s necessary today that you view TRUST differently than you ever have in the past because TRUST is no longer just a nice social thing to have, it’s the greatest financial multiplier and driver for business today.

TRUST is not just social, it’s the “New Currency” on the chaotic new global economy and just because you can’t see it, doesn’t mean it isn’t there.

In fact, I believe it’s the…

“Ultimate Key of all Keys to Success in Business Today”

You see, people have been so betrayed by governments and business that they no longer believe anything. From a business perspective, you are not starting from zero in the sales and marketing process, today you are starting massively negative.

And you need to understand the difficulty of the task in getting them to buy.

Stephen M.R. Covey gives a great example of the SPEED OF TRUST and how it pays a massive dividend in a monetary sense if you have it and how there is a massive tax if you don’t.

Example he gives is of Warren Buffet, arguably the second richest man in the world on a billion dollar deal, he literally did on a handshake in 29 days.

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I can only imagine how long deals like this normally take. I would expect maybe even years and I can only imagine how much it would have cost with the insanity of people checking people, checking people, the legal fees alone would probably break my bank.

However, because Buffet is such a credible, TRUSTED brand and because he himself has a philosophy of extending TRUST first, it allows deals like this to be done at break neck speed without the massive financial build associated with it.

The fact is, where there is high TRUST there are high results, where there is low TRUST there are low results. There is a quantitative economy tax to low TRUST and we all know it, in fact, TRUST makes the world go round and if you take it away it grinds to a holt, especially today.

There is a crisis of TRUST today and TRUST always affects 2 measurable outcomes, Speed and Cost.

Research proves that when you are highly TRUSTED, clients will spend more often, you will get more clients, clients will refer more often and clients will be more loyal.

Today more than ever, you must convert that tax into a dividend by playing Win Win, the client must win first then you can win.

I believe that… the ability to establish and grow TRUST is the number one marketing skill and competency leaders and business owners must master today.

Thanks again to Stephen M.R. Covey for his contribution to building a better world where TRUST is seen for what it is, the “New Currency” of the new global chaotic economy.

More DANGEROUS TRENDS to come…

All the best,
Mal Emery

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  1. Great info Mal. I agree that Trust is the new currency. Trust is just like gold, It goes in and out of fashion. Over time it is what we all build our business on.

    Still harvesting the rewards and benefits of your teaching from back in 2007-08. Thank you.

  2. Go Mal go you do mskr my day with your rant’s and you should have the largest e.mail list of people needing your sage advice..

    Love it thank you
    Marion

  3. Hello Mel Emery, how are you going? 🙂 That’s very true what you said about trust. Like, if someone wants to buy a handbag online say, if they go to some strange handbag website where they have never been before, they will be scared to buy a handbag off that website if they have never heard of it because they don’t know if they can trust that site, or if they will be ripped off and their credit card details stolen. They won’t trust that new website no matter how pretty the hand bags are.

    But on ebay, everyone buys handbags without hesitating because everyone trusts ebay, because ebay have built up a trustworthy relationship with their customers, and everyone knows they are trustworthy

    I find it funny though, that on ebay they might be buying stuff off some criminal and they wouldn’t even know it, but they don’t think of that, because they trust ebay

  4. So true Mal.Trust is what is missing these days.How many car sales are done simply with a handshake and a person’s word.That’s how it was done. Thanks Mal we are trying to be more old school and it appears to be working.

  5. Thanks for sharing this, Mal. The curious thing about trust is that people gain and sometimes also lose it by affinity. When you buy a product based on a friend’s recommendation, the outcome also reflects on the friend who introduced you to the product.

    Building on Christina’s example, if the online store was recommended by a friend, and you buy a bag that looked better on the internet than in reality, then the next time she/he recommends something, you’ll be a little bit wary. You still trust your friend, but maybe not her/his judgement.

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