Bloghound

Customers buy based on trust, but there’s a gap in what companies think builds trust vs. what customers say builds trust, according to a new study of 366 financial advisers and 500 customers, published by State Street Global Advisors and Knowledge@Wharton. The study found that many financial advisers overestimate clients’ trust, or erode that trust over time.

“Nearly three quarters of both groups cited trust as the most important characteristic of a financial adviser, but the big discrepancies were in performance and cost-per-service. Just 4% of the advisers thought performance was the most important selection criteria, compared with 10% of the clients; only 5% of the advisers voted for cost, versus 12% for clients,” reports Forbes’ reporter Brett Nelson in an article, “Do Your Customers Trust You?”

Especially interesting was the differences between what customers and companies thinks is important in a business relationship, assumptions I see in sales organizations across industries.

• Just 26% of advisers surveyed felt that “knowledge” was the most important element of customer service, compared with 47% of clients.
• 38% of advisers thought “personal factors” took the day, only 14% of clients agreed.

To build trust with customers, constantly share knowledge and advice they can benefit from. Starting in the sales process. And look for sales people who are truly consultative. As this study indicates, the soft “let’s play some golf” personal factors matter far less than most companies think.

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